Reliance Power plans to up generation at scorching pace
28 Sep 2010
Reliance Power Ltd, an Anil Dhirubhai Ambani Group (ADAG) company, today said it plans to increase electricity generation capacity eightfold to 5,000 MW in two years.
The utility will further raise generation capacity to 25,000 MW by 2015, chairman Anil Ambani told shareholders in Mumbai. The company will have an operational capacity of 5,000 MW by 2012 and will commission another 20,000 MW over the next three years, Ambani said.
Reliance Power currently produces 600 MW, he added in a televised speech.
The company, which received a record $2.5 billion in a January 2008 initial public offer, plans to raise more funds through the sale of shares to institutions and overseas securities as it tries to meet capacity addition targets. Half the IPO funds have been spent, according to a filing with National Stock Exchange on 12 August.
Reliance Power plans to build 35,000 MW of capacity, according to the 12 August filing. Since the IPO, the company has started one project, the 1,200 MW Rosa plant, which is half complete, according to a statement to the Bombay Stock Exchange on 17 June.
The power producer plans to add 3,000 MW of hydro power capacity by 2016 and 1,000 MW of wind and solar capacity over five years, Ambani added.