CLP targets renewable power projects in India

MUMBAI: Hong Kong’s largest power utility CLP Holdings Ltd is scouting for more renewable power projects in India at a time when conventional generators were coping with stranded projects and under utilisation.

CLP India Pvt was eyeing run-of-theriver hydro power projects, solar and wind capacities as well as efficient coal-based power generation units located near coal mines, which helped to lower costs, according to company executives.

“We have a global climate commitment and our ability to increase emissions is pretty limited,” said Amarthaluru Subba Rao, executive director for finance and strategy at CLP India. “So, we would keep looking at opportunities within our policy framework.”

CLP India’s focus on cleaner generation reflected the parent’s commitment to reduce emissions as well as an increasingly competitive power market in India. A rapid decline in renewable power prices had made clean energy more attractive to state retailers looking to lower costs. CLP Holdings’ Indian unit accounted for less than five per cent of its revenues last year, according to Bloomberg data. The local unit was looking to buy hydro power projects of 50200 megawatts in size, that were either completed or nearing completion as it wouldn’t like to build one itself, said Naveen Munjal, commercial director at CLP India. Bloomberg

We have a global climate commitment and our ability to increase emissions is pretty limited. AMARTHALURU SUBBA RAO

CLP India director