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Investing millions in wind
1 August 2003
Indian corporation, Shriram Group, based in Chennai, is planning to invest $12 million in wind projects this year. The company has already installed 15 MW in Karnataka and Tamil Nadu. The tax benefit of wind investment (80% depreciation in the first year) and the "attractive returns" expected from sales of power are behind the company's interest, says Shriram's N. Mani. Rajasthan has been earmarked for the new investment due to its "friendly" wind policy, he says. The state's policy includes 20 year power purchase contracts at INR 3.25/kWh ($0.07/kWh), increasing 5% over ten years. Use-of-grid charges are 10% of power sales and sale of electricity to third parties is permitted.
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