India Power Corporation in talks with 3 companies to acquire renewable projects

India Power Corporation in talks with 3 companies to acquire renewable projects
18/08/2017 , by , in ALLIED

Kolkata-based power generation and utility firm, India Power Corporation is in talks with three large non-power companies in Gujarat and West Bengal for acquiring renewable generation capacity totalling 110 mw, according to media reports.

“Having successfully acquired 1,000 mw thermal power capacity of Meenakshi Energy from French power company Engie in February last year, we are now looking at acquiring renewable assets from non-power companies that are not keen on maintaining these assets. The capacities under radar include two solar generation units of 25 mw each and a wind power capacity of 60 mw,” said Raghav Kanoria, managing director at India Power Corporation.

Due diligence for the properties are currently on and the company intends to make an announcement soon, he said. The company is likely to invest Rs 1,000-1,500 crore in the segment, in the next couple of years when it plans to increase its capacity to 300 mw from 130 mw “through organic and inorganic routes”.

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