Suryachakra Global Enviro Power Limited, a wholly owned subsidiary of Suryachakra, seized an opportunity in the renewable energy source to establish a 9.8 MW biomass fuel based power plant on a 30 acres site near Madwa village in the Champa-Janjgir district of Chhattisgarh State. The project operations started in May’2008. The project is under operation through long term power purchase agreement with the Chhattisgarh State Power Distribution Company Limited (CSPDCL). The project has been registered with the UNFCCC for receiving of CERs.It is looking for further growth and expansion activities. It is envisaged that grant of open access would generate attractive revenues. SGEPL is on an expansion mode. An integrated power project of 20 MW capacity with a paddy mill and an oil extraction unit is being setup. As a long term source, an Energy plantation is proposed. Further, a 40 MW biomass project has been planned in Andhra Pradesh.As part of it’s expansion activities, SGEPL proposes to set up a 500 MW [2x250 MW] Coal based power project at Manikyapuram & Rushikonda Villages in Srikakulam District, Andhra Pradesh in two phases. For setting up of phase-I a 250 MW, the company identified 600 acres of Land. The project in first phase would be implemented immediately. The project is under active implementation and is being set up as a merchant power plant.India is a power deficit company, with power shortage during peak hours leading to power cuts of approximately 3-4 hrs per day across various cities. In the last few days, we have seen some big companies coming up with IPOs to fund their power projects running into thousands of watts. Back in June 2007 Surya Power came with its IPO with an offer price of 17-20 per share, and raised funds to the tune of Rs 68 Cr. The purpose for raising funds was to set-up four biomass power projects of about 10 MW each- two in Chhatisgarh and two in Maharashtra through its various subsidiaries.
A Value Buy CMP 2.5/- or below .Buy for long term with targets of 10/- & above .
