Jindal Power to work on Rs 7,500 cr solar proj by 2012

Jindal Power today expressed hope of starting work on its Rs 7,500-crore solar power project in Rajasthan by 2012, to become the largest firm in the green energy segment.

"We are in talks with Rajasthan government... We are likely to start construction of the first phase of our 500 MW solar power project in the state in next 1-1.5 years," Jindal Power Deputy Managing Director Sushil Maroo told PTI.

Besides the solar project, the company is actively scouting for locations in the country to set up wind power projects, as part of its green energy initiative which includes generating power through renewable sources like solar and wind energy.

"We are currently running a 24-MW wind mill in Maharashtra. We are looking at Karnataka and Tamil Nadu to set up more such projects," he said. Currently, the company sells entire produce of its wind power to Anil Ambani-led Reliance Infrastructure.

The company aims to fund its mega green energy projects by a mix of debt and equity, he said.

At present, Jindal Power runs a 1,000 MW power plant in Chhattisgarh and is expanding its capacity by 2,400 MW, while in Jharkhand, the company is working on 1,980 MW thermal power project.

Jindal Power is expected to launch its estimated Rs 7,200 crore initial public offer in next few months to part fund the thermal power projects.