Essar Power Ltd leaps into renewable energy to strengthen its green portfolio. To reduce the dependency on coal-based power generation power industry mammoth investing in renewable power generation.
CEO Kush Singh informed company is setting up a 90 MW solar plant in Madhya Pradesh with an investment of Rs.300 crore.
“The board of Essar Power Ltd, an investee company of Essar Global Fund (EGFL), has approved an investment of ₹300 crores in a 90 megawatt (MW) PV Solar power plant in Madhya Pradesh, marking the fund’s foray into renewable energy,” he said.
Renewable energy ventures dread future funding, as hydrogen technology making place in investors’ lists.
The company is looking to repay its debts of Rs.10,000 crores, largely in its power portfolio. “The strategic plan to rebalance our energy portfolio is in line with our move to an asset-light structure. In a series of calibrated steps, this shift will allow the company to bring down its debt from the current level of ₹10,000 crores to ₹3,000 crores through restructuring and monetization of existing assets and further investments in this green portfolio,” Singh said.
The proposed solar power plant will be set-up in Bhander, Madhya Pradesh. Spreading across 105 hectares power plant will consist of two units splitting in 33.7 MW & 56.17 MW installed capacity.