The Chennai-based Rajalakshmi group, known for its engineering and technology colleges, intends to expand its renewable energy portfolio, increasing its footprint in both wind and solar energy.
The group, which bought last week 63 MW of wind power from Ashok Leyland for a consideration of Rs 170 crores, expects to increase its wind power capacity to 200 MW and also put up not less than 53 MW of solar in Tamil Nadu, over the next four years.
Abhay S Meganathan, Managing Director, Rajalakshmi Automobiles is the spear header of Rajalakshmi Renewables, said, “we already have 750 acres of land in some of the best locations in Tamil Nadu and we are going on high-gear to raise our green power portfolio".
Stating that the group was receiving a lot of overtures from institutional investors for co-investing in the group’s wind and solar ventures, he said “we will go with one or two of them. The state’s electricity infrastructure is getting better and the government is planning to strengthen it further.
We will keep adding portfolio in tandem with the grid infrastructure.”On solar, Meganathan was appreciative of the good feed-in tariff of Rs 7.01 per kW offered by the state for solar projects that would be commissioned by March 2016.