CESC to add 500mw renewable energy capacity

CESC to add 500mw renewable energy capacity

RP Sanjiv Goenka Group-owned company CESC plans to invest Rs 3,000-Rs 3,500 crore in the renewable energy space to add 500 mw to its green energy portfolio over the next 18 months. At present, the
Kolkata-headquartered group has renewable energy capacity of 75 mw and thermal capacity of 2,500 mw.

The company has identified Gujarat, Rajasthan, Tamil Nadu and Madhya Pradesh for its solar and wind power projects. We are on the job and the projects will be commercially commissioned within 18 months, Sanjiv Goenka, chairman of RP Sanjiv Goenka Group, said on Friday.

With the Haldia power plant, which is operating at full load capacity, the power purchase by the company has increased. The company, which has distribution rights for Greater Noida, is currently sourcing power from the grid. But once the companys Chandrapura plant is commissioned, it will start sourcing power from there, he said.

The company may increasingly move towards importing coal for its thermal power plant requirements as domestic coal prices are rising, he indicated.

The PBT and PAT of the company for the first quarter stood at Rs 200 crore and Rs 152 crore, respectively, marginally up from Rs 199 crore and Rs 151 crore.

Meanwhile, Spencers Retail, a subsidiary of CESC, has made its maiden operating profit in May. The company, which has 118 outlets across 35 cities, has recorded steady double-digit same-store sales growth in April-June quarter, said Shashwat Goenka, sector head, Spencers Retail.

Spencers plans to open 12 hyper stores within the current financial year adding 275,000 sq ft area to its kitty. Three of the 12 hyper stores have already been opened. The remaining ones will come up in southern, eastern and northern India, Goenka said. There is no further expansion plan for western India as the cost of operation is very high there, he said.

Asked about the possibility of IPO by Spencers, Goenka said, We are moving closer and closer. The date and size of the issue were yet to be decided, he added.

Source: mydigitalfc.com

Smart Grid Bulletin February 2019

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