With HPPPL, Chairman Ratul Puri has a vision to transform the renewable energy sector in India. The Delhi-based company aims at commissioning over 5,000 MW of combined power assets(worth Rs32,000 crores) by 2017. A leading player in India’s energy sector, Ratul Puri envisions ruling over the domain by developing thermal, solar and hydro power generation capacity of 6,000 MW by the end of this decade.
The goals do not seem impossible, considering the fact that Ratul Puri has already commissioned solar power projects worth more than 400MW, out of which 250MW was for India, and the rest for the international market.
His in-depth knowledge in this domain has helped in the creation of India’s energy roadmap. HPPPL has successfully armed the first phase of this plan through Anuppur’s thermal project. The setup for second Phase of 1,320 MW is almost ready and can be taken to construction within three months. The project has direct connectivity to the National Grid and is commissioned close to coal source. The company has already entered a Power Purchase Agreement(PPA) with Madhya Pradesh and Uttar Pradesh for supply of power. "The company may look for options like equity infusion if need arises," Ratul Puri said. As explained by Mr. Puri, capacity utilization of renewable is about 20 per cent, so adding 175 GW will take renewable' share to 35 GW in overall energy mix of 350-400 GW. 5000 MW of Solar power is also in the works. HPPPL has established two hydro project plants in Himachal Pradesh that offer 520 MW of inexhaustible energy.
Mr. Ratul Puri, however, is confident that history will not repeat itself. In his latest endeavour, the 42-year-old Delhi-based HPPPL chairman is working at breakneck speed to cash in on the early-mover advantage in the renewable energy sector: He is among the first to set up solar plants across India, in Tamil Nadu, Gujarat, Rajasthan and West Bengal, among other states.
Hindustan Power is likely to come out with an Initial Public Offer(IPO) next year. "Sometime in 2017 depending upon our capital need, we may look at an initial public offer," Hindustan Power Chairman Ratul Puri told reporters.
Puri is investing Rs 35,000 crore towards all these projects by 2017: By the end of FY2014, HPPPL would have put in Rs 20,000 crore, and will raise the remaining Rs 15,000 crore over the next three years. If the company meets its deadlines, it will probably be the first private or government undertaking in India to generate more than 1GW of solar energy.
While some players like Ratul Puri have already commenced preparing, majority are yet to place a bet on solar, considering the complications within the sector. To flourish in solar energy sector, India requires a long-standing commitment and a profound understanding of local dynamics.
