“We have identified locations for setting up wind farm and solar power which would take our total renewable capacities to 1,000 MW. We expect, that of the power which we generate, 10 per cent will come from the renewable energy capacities,” a senior company official said. The company is looking at large capacity (100 MW) projects.
Reliance Power has plans to set up 600 MW solar energy (concentrated solar power – CSP and solar photovoltaic plants – SPV) based power capacity in Rajasthan and 400 MW wind power plants in Gujarat and Karnataka. The company proposes to fund these projects from its internal resources. The company has reserves of Rs 11,669.24 crore in its balance sheet as on March 31, 2010.
Besides, it recently tied up with Export-Import Bank of US. Under the MoU, the bank will make available up to $5 billion in support of purchases of US goods and services over the next three years for Group’s various projects including 900 MW of renewable power generating technology (both solar and wind).
Recently, Reliance Power through its wholly owned subsidiary Rajasthan Sun Technique Energy Pvt Ltd has been awarded a letter of intent for a solar thermal project by NTPC Vidyut Vyapar Nigam Ltd (NVVN) under the phase 1 of the National Solar Mission.
Reliance Power will be setting up a 100-MW solar thermal project in Rajasthan. The power purchase agreement with NVVN is expected to be signed shortly.