Airvoice Group, a Gurgaon-based entity with core interests in commodity exports, has launched an ambitious diversification into green energy with a plan to produce 13,000 megawatts (mw) of power.
The company is expecting an estimated investment of $50 billion (around Rs 2 lakh crore) over a period of 10 years. Company officials claim it is the largest green energy project in the world.
Sanjay Kapoor, chairman and managing director of Airvoice Group, said the company plans to generate 10,000 mw through solar energy and 3,000 mw through wind farms that would be set up on 50,000 acres of wasteland in Karnataka.
“We have identified 12 high potential sites in Karnataka for the solar energy project,” Kapoor told Hindustan Times. “Power will be produced by photo voltaic technology (power produced by the heat generated through sunlight rather than sunlight directly).”
The company has also identified four districts in Karnataka where it intends to set up its 3,000 mw wind farms.
“In the first phase, we will have 100 mw of solar and 200 mw of wind energy,” Kapoor said, adding that public sector Satluj Jal Vidyut Nigam will be its joint venture partner with a 48 per cent equity. The first phase would be commissioned in the next 36 months.
An initial investment of Rs 1,200 crore would be required for the wind energy project and Rs 2,000 crore for the solar energy project, Kapoor said.
“Tendering for turbines will start in the next 20-25 days. We are in talks with several companies, including Eurowinds and Suzlon for sourcing our turbines,” he said.
Each wind turbine generates about 1.5 mw of electricity. The 1.5 mw wind turbine would cost Rs 5.80 crore and it costs Rs 7 crore to generate 1 mw of wind power while 1 mw of thermal power costs about between Rs 4 and 5 crore.