Konark Group to invest in Renewable energy projects

Mumbai: Konark group is planning 100MW of renewable energy projects by 2013 with an investment of over Rs. 10bn. The power business is a subsidiary of the flagship company - Konark Synthetics Ltd.

In fact, the group has already received an allocation of 5MW in Gujarat to set up a solar energy power project. The company plans to complete the construction of this plant by the end of 2011.

Over the past few months the group has been evaluating the potential in the power sector and is now bullish on the future prospects of the renewable energy generation. In the first stage the group plans to set up infrastructure to generate power through solar and wind energy projects. The group has already submitted proposals to various states of Gujarat, Rajasthan & Maharashtra to begin its operations in the sector.

The group plans to fund the investments for all its projects through a mix of internal accruals & debt and is also exploring a possible private equity infusion.

The group has now started identifying various technology partners from European countries for solar projects and is in advanced stages to deploy its technology partners for wind projects.