Thursday, 28 August 2014 16:05

PLG Clean Energy Projects to develop 5GW renewable power assets in India in 6 years

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PLG Clean Energy ProjectsPLG Clean Energy Projects Private Limited (PLGCEP) is an integrated Independent Power Producer (IPP) aiming to make Renewable energy an affordable source of energy worldwide.  The Company has a project pipeline and project portfolio of 1500 MW (1.5GW) of renewable energy assets in India & has made an investment of Rs 340 crore till date already.

PLGCEP developed India’s 1st 20 MW Solar Power Plant in Patan, Gujarat. The turnaround time to set up the plant was a record of 108 days, the fastest turnaround time in the world from inception to commissioning of the project. The state of the art and world class 20 MW solar power plants is generating 36 million units of renewable energy annually for the country, powering 35,000 households annually in the state of Gujarat and saving 34,000 tons of Carbon Emission annually for the world.

The company is currently developing a project portfolio of 800 MW of Solar Power Plant Assets, 650 MW of Wind Power Plant Assets and 50 MW of Bio Mass Power Plant Assets (total Renewable Assets Portfolio size of 1.5 GW) and aiming to build a Renewable Project Asset portfolio of 5000 MW (5 GW in the next 6 years) by 2020.

PLGCEP is also launching a unique “PLG Clean Power Fund” aiming to fund Renewable Energy Projects across India.PLG Clean Power Fund (PLGCPF) will acquire long term sustainable renewable energy assets giving annual project return of 14% to 16% and will fund new and upcoming pipelines of renewable energy assets in India. The PLG Clean Power Fund will start with a fund corpus of Rs 750 crore (USD 125 million) and aims to reach a size of Rs 6000 crore (USD 1billion) in the next 6 years.

Punik K Goyal is the Co-Founder and Director of PLGCEP and alumni of London School of Economics, Aston Business School and Harvard Business School. Mr. Goyal has started several solar start ups in  his last 6 years in the solar energy industry and is the  Managing Director and Promoter of  the PLG Group of Companies. Mr. Goyal is the person behind the success story of the 1st 20 MW solar plant built in India.

Mr. Kiran Patil, Co-Founder and Director of PLGCEP is widely networked with professionals and companies from the global renewable energy industry.

PLGCEP’s sister concern PLG Power has supplied 400,000 (0.4 million) solar panels to the global market, powering lives of hundred thousand of people every year in Germany, Italy, France, Czech Republic, Romania, Switzerland and India  and are globally generating 170,000 million units of clean renewable energy  annually.  PLG Clean Energy Projects Private Limited will develop ,own and acquire a planned portfolio of 4000 MW (4 GW) of solar power generation plant  (grid connected) in the next  by 2020 out of the total targeted renewable assets of 5GW thereby creating employment for 90,000 people.

Mr. Goyal stated that “the company has the technology and capability to achieve the targeted capacity and will provide innovate deal structures to investors to maximize long term returns on renewable energy assets”.

Additional Info

  • News Section: Corporate
  • Month: August
  • Year: 2014