Hyderabad: Suryachakra Power Corporation Limited (SPCL), the flagship company of the Rs 240-crore Suryachakra group, has proposed to raise $100 million in the next 12 months. While the mode of funding is to be decided in phases, the company has started tying up funds through PE investments and is also looking at emission reduction purchase agreements (ERPAs) as well. The group has interests in power generation, including renewable energy (biomass, solar, hydro, wind), ultra super critical thermal power plants (coal, gas), engineering consultancy and urban infrastructure development.
Speaking to FE, M Manepalli, MD, SPCL said that the mode could also be either through a FCCB or GDR route as well. The company has mopped up $26 million in the first tranche. ��We are also in the process of having pre-IPO bonds to the tune of $50 million which is expected during June,�� he said. With its focus on renewable energy getting stronger, the company is looking at solar thermal projects in a big way.
��We are working on three solar thermal plants in Chhattisgarh, Andhra Pradesh and Maharashtra having a capacity of 5 mw each. These plants are expected to be grounded by next month,�� he added. Besides, the company is planning a 100 mw project in Gujarat for which it has submitted an EOI.
According to Manepalli, the projects are being developed through a newly-created renewable energy vertical within the group.
Which will include biomass, solar thermal, wind and hydro projects.
The company has 20 MW of operational capacity from biomass energy with an additional 30 MW to come on line by early 2010. Further, biomass projects with a capacity of 140 MW, concentrated solar power of 175 MW, 275 MW of hydro and 50 MW of wind are under development in order to increase the renewable power generation capacity of the group.
Meanwhile, Luxembourg-based Climate Change Investment (CCI) has entered into an agreement with Suryachakra Group for acquiring 26.1% stake in Suryachakra Global Enviro Power Ltd at Rs. 28.98 per share. Of the CCI's total investment of Rs. 50.05 crore, the first tranche of Rs. 40 crore had already been received. The company had signed an agreement with the Climate Change Investment II, a Luxembourg-based fund managed by First Climate group, an European carbon asset management company for Rs 50 crore equity investment in its renewable energy project portfolio.
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