WB sets up new green energy JV, plans Rs11,000 cr investment

WB sets up new green energy JV, plans Rs11,000 cr investment
PTI
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First Published: Mon, Aug 20 2007. 07 30 PM IST
Updated: Mon, Aug 20 2007. 07 30 PM IST
Kolkata: West Bengal is in the process of creating a new entity for renewable energy development in the state that will help secure Rs 11,000 crore in investment in the sector during the 11th Plan period.
“We have formed a new corporation in which three state owned power sector entities are stakeholders. The corporation will be called Green Energy Development Corporation,” state Power Minister Mrinal Banerjee said on 20 August.
The total investment was estimated at Rs 11,000 crore from both the private sector and the new corporation during the 11th Plan period, Banerjee said.
The West Bengal State Electricity Development Corporation would hold 30%, West Bengal Power Development Corporation 45% and West Bengal Renewable Energy Development Corporation 25% in the new venture.
The final structure of the new corporation was being drawn up and the initial capital would be Rs5 crore.
The main aim of the new corporation was to involve other players in the sector to infuse fresh thrust for rapid growth. Huge investment was required in the renewable energy sector which WBREDA was unable to cope with, he said.
He was speaking on the sidelines of a seminar on global warming and power policy organised by Bengal National Chamber of Commerce and Industry.
All forms of renewable energy forms like wind, solar, bio-mass, mini-hydel and any other source of green energy would be covered by the Green Energy Development Corporation.
Some private companies like Suzlon and others have expressed interest to invest Rs 6,000 crore in wind energy development across the state, Banerjee said.
“Some 700 acre beside Digha have been identified for wind power projects,” WBREDA director S P Gon Choudhury said.
An American company has expressed interest in a photovoltic cell plant at Haldia with a local partner. “Investment would be around Rs4,000 crore,” he said.
Currently, renewable power capacity in the state was 50 MW and at the end of the 11th Plan period in 2012 it would be at least 250 MW.
Meanwhile, West Bengal has formed a committee to review climate change in India and the state in particular, Chief Minister Buddhadeb Bhattacharjee said.
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First Published: Mon, Aug 20 2007. 07 30 PM IST
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