Rajalakshmi group to expand renewable energy portfolio
Lines up new projects worth around Rs 1,100 crore, plans to rope in investors for further expansion
Chennai, April 6, 2015: The Chennai-based Rajalakshmi group, intends to expand its renewable energy portfolio, increasing its footprint in both wind and solar energy.
The Group recently purchased 74% stake in Ashok Leyland Wind Energy, which was previously owned by Ashok Leyland and Hinduja Foundries Ltd. for an enterprise valuation of Rs. 174/- Crores. It expects to increase its wind power capacity to 200 MW over the next four years. The group has lined up new projects worth around Rs 1,100 crore and plans to add 137 MW of wind power, 53 MW of solar generation capacity and is also looking to operate and maintain (O&M) renewable energy projects.
Mr. Abhay S Meganathan, Managing Director, Rajalakshmi Automobiles who is heading 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 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.
He added that the sites in TN which they have already acquired are very-well 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 kWhr 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 Automobiles Pvt. Ltd. is a robust automobile marketing enterprise.
Nanchil Group of Companies from the same promoter group isinvolved 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.
Rajalakshmi Institutions is the group of educational institutes in Chennai, Tamil Nadu, India founded by Mr. 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.
For further information, pls. contact: Mr. Satyan Bhatt, MD, Prism PR, 98400 85411.
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