MMTC eyes wind, solar energy units
Trading giant MMTC is going beyond conventional bullion and is looking to invest in non-conventional energy projects in the field of wind farm and solar energy.business Updated: Jun 08, 2011 21:32 IST
Trading giant MMTC is going beyond conventional bullion and is looking to invest in non-conventional energy projects in the field of wind farm and solar energy. The company has already commenced its first 15-MW wind farm project in Gajendragad, Karnataka.
The state-owned firm owns 100 acres of wind farm with 54 wind mills generating over 102 million units of power for the last four years. It supples electricity to HESCOM/KPTCL, a unit of Hubli Electricity Supply Company of the Karnataka government.
“The total project cost was R68.8 core and by way of tax advantage viz-a-viz revenue from power generated, the full value has already been recovered,” said Ved Prakash, director, MMTC.
The company is now planning to add other 50 MW.
“This time we will put in over R200 crore after receiving the economic viability report from consultants by the end of this year. Along with Karnataka, we are eyeing Maharashtra and Gujarat as well,” said a senior company official based in Chennai.
The project has also been granted carbon credit by the United Nations Framework Convention on Climate Change.
The company is also on the verge of investing in a pilot solar project in Rajasthan, after the completion of on going feasibility study.
(The writer’s travel and stay was sponsored by MMTC)