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ONGC invites EoIs for wind and solar power projects

Thursday, 29 May 2014
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ONGC has invited EoIs for development of wind and solar power projects across the country.


EoIs have been invited for a strategic partnership in setting up three GW each of wind and solar energy projects in the country, through the JV route.


ONGC is targeting at least two GW capacity by 2020. Of which, 1.5 GW will be wind energy and 500 MW will be solar energy considering wind project capex at Rs six crore per MW and solar capex at seven crore per MW.


With this, the total indicative equity contribution on 70:30 debt equity ratio upto 2020, for the JV-integrated wind and solar will be worked out at a cost of Rs 3,750 crore, and the JV in wind power will be at a cost of Rs 2,700 core, while the JV in solar power will be worked out at Rs 1,050 crore.


Further, the JV will be required to contribute 20 per cent of the above mentioned equity every year for the next five years.

 

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