Auto part makers plan 50-MW solar complex in Tamil Nadu - report
Nov 21, 2013 - Five auto parts manufacturers in India have teamed up to install some 50 MW of solar power capacity in the state of Tamil Nadu for own use, The Business Standard said Thursday.
The consortium includes local Rane Holdings (BOM:505800), MM Forgings Ltd (BOM:522241), Super Auto Forge Pvt Ltd, IM Gears and Autotech Industries (India) Pvt Ltd. According to the report, the planned project is calling for some INR 3 billion (USD 48m/EUR 35m) in investments.
The solar power complex will be located at one site, but each of the firms will have its own solar system. The idea is to reduce costs by sharing power distribution infrastructure and improving negotiations with the company in charge of the engineering, procurement and construction (EPC).
Indian solar firm Mahindra EPC Services Pvt Ltd, part of Indian industrial conglomerate Mahindra and Mahindra Ltd (BOM:500520), has already installed a 2.12-MW solar plant for MM Forgings and a 1.06-MW one for Super Auto, Business Standard said. These are to generate 22,000 kWh and 11,000 kWh, respectively, per day.
In Tamil Nadu all commercial power consumers are obliged by the state to meet 6% of their power needs with solar power. Apart from own installations for captive consumption, the obliged entities can also buy green power from third parties or purchase renewable energy certificates (RECs).