Gamesa India has secured another repeat order from a leading Indian renewable energy IPP and has further strengthened its position as the leading wind turbine manufacturer in the country.
Hero Future Energies has ordered a total of 170 MW wind energy turbines with Gamesa. The wind turbine maker will supply 60 units of G114 2.0 MW T106 turbines for projects located in the Andhra Pradesh and Karnataka. The company shall also supply another 25 units of the turbine for a 50 MW project also located in Karnataka.
All the projects are expected to be commissioned by March 2017, just before the expected reduction or removal of incentives to the wind energy sector.
Hero Future Energies, part of the Hero Group, plans to increase its renewable energy portfolio to 2.5 GW over the next few years. The company currently operates 40 MW of solar power projects, while another 90 MW capacity is under construction. It also operates 220 MW of wind energy capacity across various states in India and is working on an additional capacity of 150 MW. The company claims to have 1.1 GW of wind energy capacity in pipeline.
According to recent media reports, the company is looking to sell equity in the company to raise $150 million (Rs 1,000 crore). The company is reportedly in talks with CDC Group, an institution owned by the UK government, and the International Finance Corporation (IFC). The company plans to use these funds to finance its renewable energy projects pipeline.
Earlier this year, Hero Future Energies raised Rs 300 crore (around US$44 million) by issuing non-convertible debentures to finance the development of wind energy projects. The debentures were issued with a certification from the Climate Bonds Initiative.