State-owned National Aluminium Co Ltd (NALCO) said on Monday it will produce at least 1,000 megawatts power by 2016 as an independent power producer.
The company expects to generate the power from the standalone projects it has planned in the nuclear, thermal, hydel, wind and solar energy sectors, NALCO's finance director B L Bagra said.
NALCO currently produces about 1000 MW power at its captive power plant to feed its smelter in Angul district in the state.
Asia's largest integrated aluminium producer, NALCO is diversifying from metal to other businesses, including power, for additional revenues.
"The company has decided to build a wind power project with an estimated investment of Rs.300 crore to produce about 50 Megawatt power," Bagra said. The construction of the mill is expected to start in the next six months.
"The company is going to invite bids soon to finalise a site for the project," he said, adding that the power produced by the mill would be sold to the local grid.
Bagra said the company will take up more wind power projects after gaining experience.
Also, NALCO last year signed a joint venture agreement with another state-owned firm, the Nuclear Power Corporation of India Limited (NPCIL), to set up a nuclear power plant to produce 1,000-1,500 megawatts.
"We have zeroed in on two of about ten of the projects in their hands. We will hold discussions with them some time next week to finalise a location of the plant", Bagra said.
The city-based company is India's third largest producer of aluminium. It has set a target to produce 1.7 million tonnes of aluminium and 4 million tonnes of alumina annually by 2020.