Anil Ambani promoted ADAG Group slots USD $13.3 billion for green energy

by Dave

Business Standard

Anil Dhirubhai Ambani Group (ADAG)-promoted Reliance Power (R-Power) is planning to invest over Rs 60,000 crore (USD $13.3 billion at 1USD ~45INR) in renewable and alternative energy resources such as hydroelectric, wind, solar and fuel cell-based power.

R-Power Chairman Anil Ambani said the company was planning to generate about 5,000 MW from hydroelectric energy and that most of the projects for the same would come up in water-abundant northeastern states. He was addressing the company’s 14th annual general meeting (AGM) in Mumbai.

Ambani said R-Power had engaged international companies such as Halcrow of the UK, SNC Lavlin of Canada and SMEC of Australia to assist in various aspects of their hydro projects.

The global financial crisis, the official said, would not affect the company’s fund-raising plans as its balance sheet was well capitalised through money raised from its recent initial public offer (IPO). The company had mobilised around Rs 11,500 crore through the IPO.

Commenting on the wind energy sector, Ambani said ADAG was currently setting up facilities for 150 MW wind power in Maharashtra and had plans to add 500 MW over the next three years at suitable locations.

A source said R-Power has placed equipment orders for 150 MW with wind energy major Suzlon. New wind power installations would come up in Maharashtra, Karnataka and Gujarat before December 2009.

Recent initiatives announced by the Government of India for Grid Interactive Multi-Megawatt Solar Thermal Power had given a boost to the solar power market in the country, he said, adding that R-Power was considering the possibility of setting up a one-of-its-kind, 100 MW grid interactive concentrating solar power (CSP) plant through an exclusive alliance with a technology provider.

R-Power was also evaluating the techno-commercial feasibility of commercially producing reformer-based cells and hydrogen technology in India. The company was in an advanced stage of discussion with a global firm on the design, development and manufacture of the same, he said.

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