Ansal to expand into wind energy sector
Real estate developer Ansal Properties and Infrastructure Ltd is investing in wind energy to supply power to its own projects, reports Shabana Hussain.india Updated: Nov 05, 2007 00:27 IST
Real estate developer Ansal Properties and Infrastructure Ltd is investing in wind energy to supply power to its own projects, and also to sell excess power even as it earns carbon credits for such green ­technology. “We want to start putting in more money in energy projects,” said Pranav Ansal, vice-chairman and managing director, Ansal API.
“We plan to invest Rs100-200 crore every year in setting up wind energy farms in Gujarat and Rajasthan.” Ansal has floated a 100% subsidiary company, Ansal API Energy Ltd, to manage its power business. In recent times, real estate developers have been diversifying into other sectors to mitigate the risk from a slowing real estate market.
Real estate values in some of the overheated markets such as Gurgaon and Noida near New Delhi have fallen by 15-20%, and this has prompted developers to look at other sectors to improve earnings. Omaxe Ltd, another real estate company, has said it will enter into the power transmission business.
Omaxe plans to set up power transmission lines in states such as Uttarakhand and Punjab. Ansal had recently commissioned a wind energy farm of 12MW in Gujarat at an investment of Rs90 crore. The farm has eight wind turbines of 1.5MW each. The farm in Kutch is supplying power to the Gujarat State Electricity Board. The company is considering using the energy for supplying to its townships as well.
“We are looking at backward integration so that our projects have good power supply,” Ansal said. The company is also evaluating the option of transporting power from Gujarat to New Delhi through various grids to supply power to some of Ansal’s projects here. While the company will have to pay the grids to transport power, it may earn some money from carbon­credits.