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| Soham Renewable Energy plans to raise Rs 130 crore |
| Mahesh Kulkarni / Bangalore Nov 28, 2008, 00:49 IST |
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Soham Renewable Energy India (SREIPL), the Bangalore-based independent power producer, is looking to raise Rs 130 crore to part-fund its eight hydel power projects. These projects, all in Karnataka, will be generating a total capacity of 85 mw and will become onstream by 2011-12.
SREIPL, which had raised Rs 60 crore early this year from the DE Shaw group to fund its Mudabidri project, is currently in advanced talks with several private equity funds, including a US-Israel fund focused on renewable energy, FE Clean and ICICI Ventures, SREIPL Vice Chairman Sanjith S Shetty said.
It is offering stake to PE funds in the special purpose vehicles, formed to implement different power projects. and not in the parent company. The company has no significant revenue stream as its first project at Jog Falls in Shimoga district, with a 22-mw capacity, went onstream late last year. The company had earlier raised Rs 80 crore through the PE route from global funds, including investment and technology development firm DE Shaw and US-based clean energy fund FE Clean.
The company is expected to commission its second mini hydel power project at Mudabidri, with a capacity of 17 mw, in Dakshina Kannada district by March 2009. As part of its expansion plans, Soham plans to take up the remaining three units of Mudabidri project, which after completion will generate a combined power of 46.5 mw.
The seven other projects are: 20 mw project at Devaragadde across Krishna river in Raichur district, 6 mw project at Mahadevapura across Cauvery river near Mysore, Nekkilady in Uppinangadi with 12.5 mw, Talakalale in Shimoga with 5 mw, Mulibettu in Dakshina Kannada with 10.5 mw, Kolavuru in Dakshina Kannada district with 18 mw and Hosangadi with 3 mw in Dakshina Kannada district. Two other projects are planned with 5 mw each at Sampladi near Subramanya and Kudavinakatte in Uttara Kannada district.
"We have completed the first two projects with an investment of Rs 220 crore and we need Rs 400 crore more to complete the remaining projects. By 2011-12, we will have a total generating capacity of 100 mw at an estimated investment of Rs 600 crore," Shetty said.
Apart from these projects, which are in different stages of completion, the company is also looking at other renewable energy sources such as wind, solar, tidal and bio-mass in the future. "Our aim is to become a significant player in the renewable energy segment in the country in the next five to seven years. We have right technologies available, but we are looking at remunerative technologies in the long run," Shetty said.
He said the company is currently holding talks with the governments of Arunachal Pradesh, Meghalaya and Mizoram for setting up hydel power projects of 80 mw, 60 Mw and 8
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