Anantapur is all set to see a new rise of renewable energy. Ostro Energy Private Limited, a breakthrough platform backed by Actis into renewable energy now plans to implement and execute projects that sum to $425 million in Anantapur district.
Going by the plan, Ostro will set up two wind farms with a total capacity of 197.4 megawatt (MW) through two of its subsidiaries, Ostro Andhra Wind Private Limited and Ostro AP Wind Private Limited. This investment is also said to be backed with International Finance Corporation (IFC).
The estimated cost of the project has been approximated at $246 million. The proposed IFC investment consists of an IFC ‘A’ Loan of up to Rs 400 crore (around $62 million) and mobilization that goes up to Rs 800 crore (around $123 million), according to a recent IFC’s disclosure.
This will be first of the mega greenfield projects that will be located in Ramagiri, Kambadur and Kananganapalle Mandal of Anantapur District in Andhra Pradesh.
The companies also intend to enter into a turnkey contract with Suzlon Energy Limited for acquisition of land, supply of wind turbine generators, erection and commissioning for the project. The pilot runner for the project will be Southern Power Distribution Company of Andhra Pradesh, a state-owned utility.
Coming to India operations, Ostro has about 76MW capacity under operation in Rajasthan and another 325 MW of projects are under construction in Rajasthan, Madhya Pradesh and Andhra Pradesh.
Article Tags:Ostro Energy to Invest $425 Million in Anantapur · The companies also intend to enter into a turnkey contract with Suzlon Energy Limited