The Chennai-based Rajalakshmi group, well-known for its engineering and technology colleges, intends to expand its renewable energy portfolio, increasing its footprint in both wind and solar energy.
The group, which bought last week 63 MW of wind power from Ashok Leyland for a consideration of Rs. 170/- Crores, expects to increase its wind power capacity to 200 MW and also put up not less than 53 MW of solar in Tamil Nadu, over the next four years.
Mr. Abhay S Meganathan, Managing Director, Rajalakshmi Automobiles is spearheading Rajalakshmi Renewables Pvt Ltd., said, “We are excited over the opportunities that the renewable energy business offers. We already have 750 acres of land in some of the best locations in Tamil Nadu and we are going on high-gear to raise our green power portfolio.”
He added that the group was receiving a lot of overtures from institutional investors for co-investing in the group’s wind and solar ventures. “We will go with one or two of them,” Mr. Meganathan said.
The Rajalakshmi group sets great store by the state of Tamil Nadu, which it believes is very suited for wind and solar projects. “The state’s electricity infrastructure is getting better and the government is planning to strengthen it further. We will keep adding portfolio in tandem with the grid infrastructure,” Mr. Meganathan said. “We believe we would be able to increase our wind portfolio three-fold,” he said.
On solar, Mr. Meganathan was appreciative of the good feed-in tariff of Rs 7.01 per kW offered by the state for solar projects that would be commissioned by March 2016 and have power purchase agreements with Tamil Nadu Electricity Generation and Distribution Company Ltd (TANGEDCO). He said that the group is working towards putting up solar projects in the state and expects to sign a PPA soon.
About Rajalakshmi group:
Rajalakshmi Institutions is the group of educational institutes in Chennai, Tamil Nadu, India founded by S. Meganathan in the year 1997. This group of institutes provide higher education and school level educations to students in and around India. It is one of the top educational institutions in India and it is one of the largest educational institution in India. Rajalakshmi Automobiles Pvt. Ltd. is a Four year old strong automobile marketing enterprise
Nanchil Group of Companies from the same promoter group involved in infrastructural activities like development of commercial properties, Mini Hydro Electric Power Stations. Wind power units, manufacturing of conductors for Electrical Power Transmission and Distribution, etc.
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