Konark forays into renewable energy

The Konark Group will set up 100 MW of solar and wind power projects with an investment of US$221.5 million.

The Mumbai-based power unit has received an allocation of 5 Mw in Gujarat.  Land has been identified in Kutch and the company has signed a 25-year power purchase agreement with the Government, which has assured US$0.3323 per unit for the first 12 years and US$0.1108 a unit for the next 13 years, said Shonit Dalmia, Director, Konark Group.

Konark has also tied up with the Rajasthan Government for 50 Mw of solar power generation. About 410 acres near Jodhpur has been allocated by the State at 10-20 per cent of the ready reckoner value as an incentive to attract the investment. Land will cost no more than US$443,115, said Dalmia. The State has also accorded an evacuation certificate to Konark for 50 Mw, as a comprehensive legislation for renewable energy is awaited.

“We are committed to becoming a renewable energy IPP and are deploying international technology partners for engineering, procurement and construction (EPC). We are also in advanced stages of finalising wind power projects with installations in the southern and western parts of India,” he said.