Indian Hydropower Developer Plans To Raise $670 Million Through Bonds

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Government-owned hydropower project developer NHPC Limited is set to be the latest public sector entity to raise funds through bond issues to finance power projects.

NHPC Limited recently informed the Bombay Stock Exchange that it plans to raise Rs 4,500 crore (US$670 million) to fund various power projects across the country. While the company did not elaborate on the specific projects it will fund from the proceeds of the bond issue, it did announce some large-scale solar power projects.

Last month, the company announced plans to set up a 600 MW floating solar project at one of its largest hydro power complexes — the 1,960 MW Koyna hydro power project in the western state of Maharashtra.

Company officials reported that the per-MW capital cost is expected to be around Rs 9-10 crore (US$1.35-1.5 million). The installation cost of ground-based utility-scale solar projects has fallen to around Rs 5.3 crore (US$0.8 million) per MW.

NHPC has plans to set up similar floating solar projects in other states as well. It will set up projects in Kerala, Andhra Pradesh, Tamil Nadu, and Uttar Pradesh. In Kerala, the company plans a 72 MW project, in Maharashtra and Uttar Pradesh, the company plans for a 50 MW project each.

The company has also signed an agreement with the Solar Energy Corporation of India (SECI) to set up 250 MW of capacity. SECI will likely auction off this capacity on behalf of NHPC. The company had earlier made a commitment to set up 350 MW of solar power and 80 MW of wind energy capacity over the next few years.


Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Latest CleanTechnica.TV Videos

Advertisement
 
CleanTechnica uses affiliate links. See our policy here.

Saurabh

An avid follower of latest developments in the Indian renewable energy sector.

Saurabh has 1037 posts and counting. See all posts by Saurabh