Indian Power Sector Abuzz With Plans Of Fresh Investment Into Several Projects
The government being bombarded with proposals from abroad investors for new power and infrastructure projects just lately augurs well for the Indian economy. Governments—both native and central—are offering incentives and initiating projects within the public-partnership (PPP) mode. Only second to Gujarat in receiving investments in 2009, Orissa these days has been the main target of attention of most abroad investors, based on a latest study launched by an trade body. Several projects have already been announced within the country – pertaining to photo voltaic power, renewable energy, photo voltaic photo-voltaic items etc. According to official sources, whereas ACME Tele-powers would set up a 100 Mw photo voltaic thermal power plant in Bolangir/Khurda district, GRD Power Private Ltd has plans to set up a 25 Mw solar thermal power plant in Khurda. Upcoming projects include six solar photo-voltaic power projects with an aggregate generating capacity of 105 Mw too, which have been given the go-ahead by the Orissa state degree technical committee (STC).
Among the other projects which have received approval by Orissa STC including EIO Six Orissa Private Ltd (20 Mw, Bolangir) are Cambridge Energy Pvt Ltd (5 Mw, Ganjam), Abacus Holding Private Ltd (5 Mw, Nawarangpur), Green O Projects (10 Mw, Khurda) and Green O Lite (5 Mw, Kalahandi). The total envisaged capacity in the solar energy sector has now elevated to 294 Mw from sixty four Mw earlier.
The Indian subsidiary of French energy giant Areva too has contracted a deal from Larsen and Toubro to offer solutions at the 1,200 MW energy facility at Malwa in Madhya Pradesh. Mumbai-based L&T is adopting greening measures by venturing into wind and hydro energy generation. The energy major has ready a blueprint for building wind energy projects in Gujarat, Maharashtra and Tamil Nadu for captive use. It is also investing round Rs 8,000 crore for establishing 700-800 MW of hydro energy projects in Himachal Pradesh, Uttarakhand and Arunachal Pradesh, in keeping with official sources. The initiatives are expected to go onstream in the next four-five years.
According to Ernst and Young, the Indian Government has identified the need for US$ 500 billion in infrastructure spending between 2007 and 2012. Various efforts of the Indian Government similar to Public Private Partnerships (PPP), Green Energy, Ultra Mega Power Projects and Viability gap funding are being seen as potential investment opportunities providing stimulus to the growth of Indian infrastructure sector.
There can also be the market expectation that the Budget 2010-11 to be announced by the Finance Minister, Dr Pranab Mukherjee on February 26, 2010, will focus on spending in some particular sectors. Several market experts consider that the Budget will largely concentrate on infrastructure and give some sops to the power sector. This will thereby profit construction, road, power and gear companies. The authorities is further considering a plan to levy between 11 per cent and 14 per cent across-the-board import duty on foreign technology equipment—based on a report by Planning Commission member Arun Maira—who is heading a government panel looking into methods of bolstering home manufacturing of energy equipment.
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