KOCHI: Inkel Limited, a public private partnership (PPP) initiative promoted by the state government focused on infrastructure development, is entering new verticals. Taking a big step into the renewable energy sector, the company on Tuesday announced the setting up of a 23.3 MW solar power plant in group captive power producer mode at INKEL Green Industrial Park in Malappuram.
The company is also planning to invest in logistics, hi-tech manufacturing and electric vehicles (EV). Inkel Limited managing director Dr K Ellangovan told TNIE, “The foraying into other sectors came about as part of the portfolio expansion of INKEL. Being vested in civil infrastructure was not enough. During the strategy discussions, it was noted that the future lies in logistics, renewable energy, hi-tech manufacturing and the EV sectors.”
He highlighted that when it came to renewable energy, they wanted to provide a power that is not very costly. “In the case of Kerala, two factors play a huge role when it comes to the installation of solar panels. One of them is land availability and the second is that land is quite expensive. So, you can’t sell the power thus generated. This, in turn, would lead to the imposition of a very high tariff,” Ellangovan pointed out.
“But we have a huge customer base. People have approached us seeking such a power source. It was then that, by chance, we discovered that in the 238 acres Malappuram INKEL Greens, also known as INKEL Greens Educity & Industrial Park, around 75 acres of land, which cannot be used for infrastructure development, can be used to set up solar panels,” he said.
Then came the part of identifying the consumers. “We were first approached by DP World expressing interest in buying the electricity generated. Then came Hi-Lite Mall and, finally, Prestige. More companies have expressed interest in buying power from us,” said Ellangovan.
According to him, this is the first time that in Kerala, a group captive power plant project (GCPP) has been launched. “A group captive solar power plant is a model where multiple consumers (at least 26% equity ownership) purchase at least 51% of the electricity generated by the plant. The model allows businesses to procure their electricity from a dedicated solar plant, potentially at a lower cost than grid electricity.”
Highlighting that this is the first project under the Invest Kerala, he said, “The second project will be a `256 crore hybrid renewable energy park to be set up at Palakkad. Here, we will be harnessing both wind and solar energy. We have won KSEB’s tender for wind power and will be installing an 18 MW wind power plant at Vadakarapathy and an 18 MW solar power plant at Ozhalapathy.”