Hyderabad: CLP India, a subsidiary of HK$ 30 billion Hong Kong-based CLP Group and CDPQ, which has set up a 100 MW solar power plant at Veltoor, Mahbubnagar district, Telangana, with an investment of Rs 750 crore, is planning to further strengthen its presence in the State.
Veltoor plant has the distinction of being the world’s first solar plant to get certified by DNV GL of Norway. It is also one of the first solar plant to use trackers that move the panels in the direction of Sun.
Sharing the importance of operating in the State, Rajiv Ranjan Mishra, CEO, CLP India, told Telangana Today, “Telangana has a competitive advantage in the solar space. We will actively pursue more opportunities in solar. We are also identifying ideal sites for wind power projects that have high wind speeds so that we can provide power at a lower tariff. We are hoping to make our bid for wind power soon. We are keen to make more than one investment in the State. We are also scouting for right renewable energy assets for acquisition in Telangana.
Money is not an issue, and it should be a right acquisition candidate, preferably with close to a 100 MW capacity, as smaller assets will not be viable. We are looking at scale.”
He added, “We are keen to expand our operations in Telangana across our renewable energy portfolio. The State has established 3.5 GW of renewable generation capacity and top government officials have indicated the interest to add another 1GW in 6-8 months. We will take part in the upcoming bids. The single-window clearance through TS-iPASS system has facilitated establishing our 100 MW project in the State faster. Telangana government has been proactive in ensuring ease of doing business for companies investing in the State.”
The company, which forayed into India in February 2002, has a portfolio of a gas-fired plant, a coal-fired plant, 12 wind farms and three solar projects (including the 650-acre solar plant at Veltoor). The company has acquired three transmission projects recently where the share transfer will happen in multiple phases. CLP may look at power distribution business in India once the market liberalises.
CLP India has renewable projects in Gujarat, Rajasthan, Maharashtra, Karnataka, Telangana, Tamil Nadu and Madhya Pradesh. The company finds these States good in terms of policy framework and payment record from transmission agencies. Cumulatively, CLP has 924 MW capacity of wind and 170 MW capacity of solar in the country.
To invest Rs 35,000 cr in 3-5 years
CLP India, with a topline of Rs 4,000 crore, is planning to invest Rs 35,000 crore in the coming 3-5 years by adding 5,000 MW capacity. Equity could be about Rs 15,000 crore while debt will be Rs 30,000 crore.
The company will invest in renewable energy generation, transmission and distribution. It is also looking at potential acquisitions of renewable energy assets across the country.
“The company is not keen to take up greenfield thermal or gas-based power projects in India and plans to stay focused on clean energy projects. We will remain a power generator and operator, and not get into manufacturing of solar panels or mount structures or wind turbines. However, we could look at hybrid renewable projects,” Rajiv Ranjan Mishra informed.
Also, the parent entity, CLP Group is keen to embrace electric vehicles (EVs) across its fleet. The company, which has joined EV100, an alliance of companies that will use full fleet of EVs by 2030, has invested in a Hong Kong-based electric car charging infrastructure firm. The group will also invest in Australia and once the market is ready, it will explore investment opportunities in India.