Kolkata-based mining and minerals group Atha will invest Rs 3,100 crore for expanding its renewable energy capacity to 1,000 megawatt (MW) by 2022 from the present 200 MW. The 60-year-old group targets to achieve it through organic and inorganic routes in India and overseas markets. About 500 MW of the planned capacity will be built in India and the remaining abroad. Through its renewable energy arm AMPL Cleantech, the group is also looking to raise funds from abroad and is also in negotiations to rope in a strategic partner and investors.
Gaurav Atha, Director of Atha Group said, "AMPL will create robust solar and wind energy assets that will be the key contributor towards the company's sustainability goals. The company has already established its presence in the ground mounted Utility Scale plants and now would enter into fast growing rooftop solar segment and grid level energy storage solutions." He believes that the future growth for the segment would come from both government and private companies.
AMPL Cleantech has a presence in Southern Africa and South East Asia--- especially Kenya , Tanzania , Mozambique and Namibia--- and it will explore growth opportunities in those geographies. In addition, it would expand its focus to South East Asia and Middle East. Brijesh Gupta, Chief Executive of AMPL Cleantech, said, "The company has already built a solar asset base of over 200 MW. Another 200 MW of solar power projects are in pipeline and it is expected to be commissioned by the end of 2019."
At present, the company has nine operating solar and wind power plants totaling 200 MW capacity spread across Karnataka, Telangana, Maharashtra, Madhya Pradesh and Rajasthan. It has wind assets of 12.5 MW in Maharashtra, Gujarat, Karnataka and Rajasthan.
Atha Group has already invested about Rs 1,200 crore towards its renewable energy business. It sees big opportunities in the forthcomingbids for the development of solar parks in the country. For a Tamil Nadu project, the company is in the process of investing Rs 800-850 crore, Gupta added.
Earlier, there were media reports that Edelweiss and Hero Future Energies were scouting for Atha Group's solar assets. The management denied any such move.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today