Renewable power producer BrightNight plans to develop 2 giga watt (GW) of renewable energy capacity in India in the next 4-5 years that will require a total investment of $1 billion. The company will deploy $250 million equity capital.
“BrightNight is developing hybrid wind-solar projects with a calibrated use of energy storage that operates round the clock. The $250 million commitment will be deployed in three years,” BrightNight Power India CEO Sajay KV said.
BrightNight Global has about 23 GW of pipeline across the world, of which 3 GW is in Asia Pacific — India, Bangladesh, Philippines and Australia. India got a large share of 2 GW for its scale and size, and work on 1.2 GW in three states has started, he said.
The first project is coming up in Maharashtra at an investment of about Rs 800 crore, 75% of which will be debt component. The 100 MW co-located wind-solar hybrid renewable power project Optima, slated to be commissioned early next year before the wind season, is being set up to deliver high-capacity factor power to commercial and industrial customers.
“This is the first of its kind project in Maharashtra. The hybrid facility can help replace 80% of the grid power and help save up to 25% annually on energy bills,” said Sajay, adding that their proprietory software Power Alpha can design the best Levelized Cost of Energy (LCOE) for the consumers.
The company has planned similar hybrid renewable power projects in Gujarat and Rajasthan, and another 100 MW in Maharashtra later. It is in advanced stage of discussions with clients seeking close to 300 MW for power purchase deals for its upcoming 100 MW unit, Sajay said.
“We are among the initial players who tapped the new General Network Access (GNA) regulation and we have blocked about 120 MW in Rajasthan. Now we will go for blocking of connectivity,” said BrightNight Power India COO and CFO Naveen Khandelwal.
Appreciating the new regulation by the ministry, Khandelwal said it helps serious players plan for the connectivity and the project.
“It helps companies like us who believe in early stage development — buying the land, not just blocking or taking a lease on the land from the farmers. We actually do the real registration in our name,” he said, adding that BrightNight is backed by some of the most respected investors in the global energy sector. The company plans to start bidding for the projects in Gujarat and Rajasthan once they have 40% clear control in land. “We are here for the long term, not just a one time $250 million commitment. For future pipeline we will raise more equity capital,” said Sajay