This would take the company energy generation capacity up from about 220 MW now, which includes 120 MW of hydro power generation, 80 MW of biomass plants and a liquid fuel powered plant, the last one has come through an acquisition.
Under the phase one of expansion plan of the company for wind power generation, Greenko plans to set up projects with a total capacity of 500 MW by 2014-15. Of this, wind farms with a total generation capacity of over 350 MW are at various stages of execution.
The company has a strategic venture with the US-based major GE (General Electric) for the implementation of wind farms in the country. A venture has been set up by Greenko wherein GE financial services arm had teamed up in October last to invest up to $50 million. In the Ratnagiri project, Greenko has deployed 1.6 MW GE turbines, designed for conditions with lower wind speeds.
The company is in the process of implementing a series of wind energy projects in Maharashtra, Karnataka, Andhra Pradesh and Rajasthan, through this association with GE.
The success of wind energy projects depends on the tariff offered by the State utility. Any price above Rs. 4-4.20 per unit is ideal for a project which does not require any fuel, he explained.
Prudential PLC, Aloe funds, TPG Growth, Scottish Windows, Capital Group and Blackrock are among investors, who have helped raise up to $500 million for projects under way.