Clean energy generation firm Leap Green Energy on Thursday said it looks to increase its power capacity to 2 GW from existing operational 751 MW and also plans fund infusion of $300 million. “Leap Green Energy Pvt Ltd (LGE), India’s leading renewable power generation company, plans to increase its power capacity through opportunistic acquisitions and setting up green field projects,” a statement said.
The company is expecting to have an installed capacity of above 2 GW by FY2020, it said. The company currently has an operational capacity of 751 MW of wind assets and 400 MW of under construction wind assets.
To meet capital requirements for expansion, the firm is planning a fund infusion to the tune of $300 million. The state electricity boards (SEBs) and various industrial and commercial corporate consumers form the prospective users of the produced power capacity, it added.
The company intends this robust expansion encouraged by growing demand. Their reported revenue was Rs 525 crore generated in the FY 2017-18 alone.
“…going forward, wind energy will be our main focus area with a few ventures into solar and hybrid energy as well. We have been very fortunate to be associated with the state of Tamil Nadu and are forecasting wind energy for the entire state with our new technology. Wind Energy has a great potential in India and we are glad to be part of its growth journey in India and across the world,” said by Rajeev Karthikeyan, Founder and MD of Leap Green Energy, said in the statement.
Currently, LGE operates in Madhya Pradesh, Rajasthan, Tamil Nadu, Maharashtra and Gujarat with plans to enter more states immediately. The institutional demand for wind energy is growing and applicable across functions including malls and shopping centres, hospitals and banks among others.
In-terms of wind power installed capacity, India is ranked 4th in the World. The wind power generation has significantly increased in the recent years, today India is a major player in the global wind energy market. The current total installed wind power capacity is 34.293 GW and is going to expand to 60 GW by FY 2022, it added.