India Power Corporation had successfully acquired 1,000 mw thermal power capacity of Meenakshi Energy from French power company Engie in February last year and are now looking at acquiring renewable assets from non-power companies that are not keen on maintaining these assets. The capacities under radar include two solar generation units of 25 mw each and a wind power capacity of 60 mw. These assets are located in Gujarat and West Bengal.
Due diligence for the properties are currently on and the company is likely to invest Rs 1,000-1,500 crore in the segment, including the acquisitions for which they are currently in talks. It plans to increase its capacity to 300 mw from 130 mw “through both organic and inorganic routes”. At present, India Power group, with a total asset base of Rs 15,000 crore, has wind generation capacities of about 95 mw and solar generation capacity of another 36 mw.
