Greenko to build 300MW wind farm in Karnataka, India
Indian independent power producer Greenko will build a 300MW wind plant and 50MW of hydro capacity in the south-western state of Karnataka after securing a local supply agreement.
The wind farm will supply power to the State of Karnataka under a 10-year Power Purchase Agreement, says Greenko.
The new facility will be built in two phases. The first 100MW is expected to be operational in 15 months with the balance online in three years.
The company says two years of tests have show highly favourable wind conditions at the site, with capacity factors above 30%.
The Karnataka concession will increase Greenko’s wind portfolio sixfold. Its only other wind asset, a 65MW facility in Maharashtra, is currently under construction.
Greenko also operates 462MW of hydro capacity, along with smaller interests in natural gas and biomass.
The new 50MW of small, run-of river hydro projects will be built on the river Badhra in South Karnataka, close to existing Greenko hydro operations. They are expected to be operational within three years and the company says it is on the lookout for further locations for small hydro deployment.
Greenko, which is listed on the London Stock Exchange, has set itself a goal of 1GW capacity by 2015. It claims the Indian market is particularly favourable to renewables due to a combination of social and economic imperatives towards clean energy production.
Anil Chalamalasetty, chief executive and managing director, says: "The energy market for conventional power in India is characterised by huge demand, complex fuel supply issues and volatile merchant prices, combined with environmental and social permitting challenges.
“Our small hydro and wind assets are not subject to fuel risk and benefit from long-term, fixed margin power off-take agreements which are not available to conventional power generators.”