Reliance Power Ltd is planning to establish a 1,500-MW gas-based power project overseas and is actively participating in several international tenders for its development, according to PTI.
Reliance Power has also partnered with Bhutan Government's Druk Holding & Investments (DHI) to develop a 500 -MW solar project and a 770-MW hydropower project in Bhutan. This is the biggest investment by an Indian private company in Bhutan's renewable energy sector.
Reliance Power said that it has started the engineering, procurement and construction (EPC) tendering process, following global competitive bidding norms to ensure high technical standards and cost efficiency. The company is also in talks with major financial institutions to arrange long term project funding with a strong focus on cost-effecting financing.
Asset Monetisation and Funding
The proposed project is expected to add value to Reliance Power's finances, as the company plans to earn up to ₹2,000 crore through the monetisation of these assets.
A Reliance Power spokesperson confirmed to PTI that the company is participating in global tenders.
The company had already imported three 750 MW equipment modules from General Electric, USA, for a gas-based combined cycle power project. One of these modules was exported to Bangladesh for an LNG based power project in partnership with Japan's JERA. Now, Reliance Power intends to deploy the remaining two modules for a similar project at an overseas location.
Reliance Power has submitted competitive bids for gas-based power projects in Kuwait, UAE, and Malaysia as part of its selective global expansion strategy.
The demand for gas-based power is currently high in countries such as Kuwait, the UAE, and Malaysia.
Global suppliers like GE typically require 3 to 5 years to deliver equipment for gas or LNG-based power plants. This enables Reliance execute projects in the shortest possible timeframe because the company has 1,500 MW of equipment readily available.
Reliance Power is actively focusing on renewable and clean energy with a pipeline of projects including 2.5 GWp of utility-scale solar projects and more than 2.5 GWh of Battery Energy Storage Systems (BESS).
(With inputs from PTI.)
