The Rs 3, 336-crore diversified Lanco Group has firmed up its plans to foray into wind energy, with an initial investment of nearly Rs 500 crore.
The Hyderabad-based power and infrastructure major is planning to set up a wind turbine manufacturing unit in Puducherry. It has also set its eyes to establish wind farms in India, the US and Europe.
Mr Lagadapati Madhusudhana Rao, Chairman of the Group, said the technology aspects would be worked out in technical collaboration from German companies. The group is targeting a commercial launch of wind energy by September 2009. “Our target is to establish a total of 1,000 MW installed capacity”, Mr Rao said. Small windmills, with installed capacity of 2 MW, and wind farms across different locations, especially in Europe and US, are being explored, he added.
The group is also exploring options in solar and nuclear energy fields, he said. It has a presence in the hydro power sector, in which it is implementing five projects with capacity of 742 MW; two of them have been registered as Clean Development Mechanism (CDM) projects with the Geneva-based United Nations Framework Convention on Climate Change (UNFCCC).
These two projects will generate an additional 35,000 Certified Emission Reductions (CERs) a annum, taking the total Group CER tally to 1.10 lakh. The two projects — 5 MW Baner III and 5 MW Iku II on the Beas River — are the first hydro projects of Lanco to be registered as CDM projects and are expected to be commissioned this year.
The group has a vision of establishing 15,000 MW of operating assets in power; constructing 100 million sq.ft of real estate, emerging among the top five companies in infrastructure and top 10 among construction companies.