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Essar Power to set up solar power plant in Madhya Pradesh

Wednesday, 24 Feb 2021
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Essar Power will set up a 90 MW solar power plant in the state of Madhya Pradesh. The board of Essar Power, an investee company of Essar Global Fund (EGFL), has approved an investment of Rs 300 crore in solar power plant, marking the fund's foray into renewable energy. 
 
The entry into the renewable segment is part of a strategic decision to rebalance the power portfolio. 
 
The renewable energy venture comes close on the heels of EGFL investing in hydrogen power in the UK and coal gas in India. 
 
The fund has overseen the completion of the deleveraging program of investee companies in the next two quarters. It intends to repay the balance debt of Rs 10,000 crore which is largely in the power portfolio. 
 
In a series of calibrated steps, this shift will allow the company to reduce its debt from the current level of Rs 10,000 crore to Rs 3,000 crore through restructuring and monetisation of existing assets and further investments in green portfolio. 
 
The proposed solar photovoltaic power plant will be set up at Bhander, in Datia district of Madhya Pradesh across 105 ha of land and will be executed in two phases - 33.7 MW and 56.17 MW. 
 
The electricity generated from this plant will be evacuated at 132 kV level and is proposed to be connected to the Bhander substation, which is located at around five km and will be supplied to industrial consumers within the state. 
 
The project is expected to be completed by June 2022. 
 
The company has a current operating capacity is around 3,185 MW and EGFL has invested about Rs 32,000 crore in the power portfolio including 12,000 crore of equity. 
 
It has also made an investment in transmission business by constructing a 465 km interstate transmission system, which spans three states.
 
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