Caparo Power, a joint venture between Caparo Group and Finnish energy major Wärtsilä, is building its renewable portfolio and looking at reviving stranded gas-based assets in India.
Caparo Power operates a gas-fired captive power plant at Bawal in Haryana.
Captive Power Projects
In the renewables vertical, it plans to develop ground-mounted solar projects among others, said Raman Chopra, whole time director and CEO.
In the near term, the company is looking at a double-digit megawatt pipeline, with further expansion planned over time, Chopra said.
Solar projects are at various stages of development and the first set is expected to become operational within 12-8 months, he said.
The company is also expanding its solar footprint for both captive and third-party consumers, he said. “For Indian manufacturing, the real requirement is reliable, round-the-clock power, which is what makes a renewable-heavy grid practical for industrial users.”
Unlocking Idle Gas-Fired Assets
Chopra said India has gas-based generating capacity sitting idle. According to him, in most cases problem areas include commercial construct around plants, unaffordable fuel and an offtake arrangement that has stopped working.
“The capital has already been spent, the land is already acquired, the evacuation infrastructure already exists. Writing that off and building fresh capacity elsewhere is not a rational answer for a capital-scarce economy,” he said.
The company is also working with data centre developers on on-site tri-generation, which delivers power, cooling and thermal energy from a single integrated system.
Caparo Power is also exploring opportunities to replicate group capitve model in other markets.
“Discussions are underway with businesses in sectors such as food processing, pharmaceuticals and precision manufacturing, along with opportunities in industrial clusters across a few other states before considering international expansion,” Chopra said.