CESC seeks to acquire 50,000 acres land in Rajasthan, Gujarat for green energy push

Source : PTI | CESC Ltd, RP Sanjiv Goenka group’s flagship company, is looking to acquire over 50,000 acres in Rajasthan and Gujarat to fuel its 3 GW hybrid renewable energy portfolio. The company is exploring possibilities to make substantial investments in renewable energy generation of up to 3 GW in a hybrid portfolio through its subsidiaries in more than one state in the country.

The company’s green ambition envisages a mix of solar, wind, and green hydrogen projects. “We are carrying out a study exploring increasing our renewable energy footprint and partially meeting renewables purchase obligations of our distribution business,” a top company official told PTI.

“About 250 acres in Bikaner is under physical possession. An application has been submitted for Rajasthan Renewable Energy Corporation registration and transmission connectivity. (We are) in advanced stages of acquisition for another 2,000 acres,” the official said.

An Expression of Interest (EoI) has been submitted to the Gujarat government for about 20,000 hectares (over 49,000 acres) to develop a solar-wind hybrid portfolio, he said.

CESC Projects Ltd, a subsidiary of CESC Ltd, has recently emerged as the winning bidder for a green hydrogen production facility.

The project, with a capacity of 10,500 MT per annum, falls under the “Strategic Interventions for Green Hydrogen Transition” scheme by the Solar Energy Corporation of India.

On a consolidated basis, CESC has five thermal power plants, one solar power unit, and six distribution licences.

In the December quarter, CESC reported a 10% decline in consolidated net profit to INR 331 crore, compared to the corresponding period last year.

The total revenue during the quarter was INR 3,301 crore, 2% higher than INR 3,224 crore registered in FY23.