After an IPO for its Solar unit, Hindustan Powerprojects Pvt Ltd (HPPPL) is raising funds for its renewable energy projects by selling shares of its subsidiary, Hindustan Clean Energy through an initial public offer (IPO) by the end of 2014-15.

With new government already in working, we have assurance of revival in the power sector. Modi -led BJP government has given positive indications to India’s power sector by unification of the three ministries related to power sector and putting a right leader with commercial background to head it.

Hindustan Clean Energy is likely to raise around $ 1 billion (Rs 5,900 crore at current exchange rate) through the IPO. The proceeds from the IPO will be utilised for company’s plans to achieve combined 1,000 MW of solar photovoltaic (PV) power generation capacities in India and abroad.

Currently, Hindustan Powerprojects has around 320 MW of operational solar capacities in Gujarat, Punjab, Uttar Pradesh, and Tamil Nadu among others. Additionally, it has 120 MW of solar capacities located in Europe. The company plans further expansions in India and Japan.

The company has chalked out an ambitious overall investment plan of Rs 32,000 crore for the power generation to the tune of 5,300 MW through a mix of thermal, hydro and solar in different parts of the country and abroad by 2016-17.

Source: thehindubusinessline.com