Suryachakra Green Power Private Limited (SGPPL), a group company of Hyderabad-based independent power producer Suryachakra Power Corporation Limited, has entered into an MoU (memorandum of understanding) with WinWind Power Energy Private Limited (WPEPL) for setting up a wind energy project with 250 Mw capacity at Dharapuram in Tamil Nadu.
Under the terms of the MoU, WPEPL will bring technology from its principal– Finnish wind energy solutions provider WinWinD Oy– which has supplied their 1-Mw wind energy generators (WEGs) to many countries in the world. Already, around 80Mw of WEGs are under operation in India.
Chennai-headquartered WPEPL, a wholly-owned subsidiary of the Finnish firm, has already secured the land identified with potential wind data, validate, confirm the wind energy generation projections and facilitate the transfer of the land to SGPPL. Besides, it would offer a comprehensive operation and maintenance of the project for 10 years after completion of the one-year warranty period.
In a filing to the BSE on Monday, Suryachakra said WPEPL would extend necessary support to SGPPL to secure carbon development mechanism, generation-based incentive and other related benefits available.
The company (WPEPL) has shown interest in participation of the project to the extent of 20% of equity, and would also assist the Suryachakra group in sourcing 60 of the required debt from European Union financial institutions. Discussions are in advanced stage, Suryachakra added.
Suryachakra Power’s scrip is currently trading at Rs 14.55 on the BSE, up 7.14%, over the previous close of Rs 13.58.
