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Mumbai, Dec (EPC News): GMR Energy Ltd on Tuesday said it would invest Rs18,000 crore over the next three years to increase its electricity generation capacity to around 3,300 MW from a little over 800MW.
"These projects would be funded in a debt-equity ratio of 75:25. For the equity portion, we have internal accruals and short-term loans," said Raaj Kumar, chief executive, GMR Energy.
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The company is in talks with various banks, including State Bank of India and Axis Bank, and has also approached SBI Capital Markets to mobilise debt funds for these projects. "These lenders have been with us for a long time," Kumar said.
GMR Energy's projects in the pipeline include a 1,050 MW plant at Kamalanga in Orissa and an 800 MW expansion at the Vemagiri plant. It is also implementing a 600 MW project for its subsidiary, Emco Energy. These three projects are scheduled to be commissioned by 2012.
The company is also setting up a 1,320 MW plant in Chhattisgarh, which will be commissioned in early 2013. "We are investing Rs4,540 crore in Orissa, Rs3,360 crore for the Emco project, Rs2,800 crore in Vemagiri and Rs5,500 crore in Chhattisgarh," Kumar said.
GMR Energy is also setting up five hydro-power projects—three in India and two in Nepal. The financial closure for the company's 300 MW hydro plant at Uttarakhand will be completed by March 2010, after which it would take 54 months to complete the project, he said.
EPC News Bureau
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