Manoj Jain: GAIL will bid for three projects aggregating 400 MW capacity being auctioned by SECI in Rewa, Madhya Pradesh. Funds are not a problem for GAIL as we practically have no debt.

GAIL NEWS-min | Ornate Solar

GAIL (The Gas Authority Of India Ltd), Indias’ largest Public Sector Undertakings in the energy sector, has announced its entry into solar power development. The company holds 70% market shares in gas transmission & more than 50% in Gas trading shares in India. Now, After participating in the bidding of a 400 MW solar project floated by SECI (Solar Energy Corporation of India Limited), GAIL will become the latest state-run oil and gas company to bet big on renewable energy for a low-carbon future also.

GAIL’s Chairman, Mr. Manoj Jain stated,” GAIL will bid for three projects aggregating 400 MW capacity being auctioned by SECI in Rewa, Madhya Pradesh. Funds are not a problem for GAIL as we practically have no debt.”
“We had won the bid for Rs 4,800 MW operational wind power projects of ILFS (Infrastructure Leasing & Financial Services) in 2019. But ILFS’s other partner used the first right of refusal. Otherwise, it would have made a good renewable portfolio,” further he added.

The debt to equity ratio of GAIL is 1:0.4 while the total debt is Rs. 5990 crore.

In March 2019, GAIL and BHEL collaborated to work together in renewable energy. Both companies have left the arrangement open on the choice of equipment for projects.

“BHEL’s solar equipment has a quality advantage. But in some cases, imports could make more sense. It is for BHEL (Bharat Heavy Electricals Limited) to take the lead in such issues,” Mr. Jain said.

The major aim behind this collaboration was leveraging the competitive strengths of both companies. Under this collaboration, GAIL will be leading the project development and BHEL (Bharat Heavy Electricals Limited) will lead the project management and EPC (engineering, procurement contractor) contractor.

In January 2018, GAIL India had commissioned a 5 MW rooftop solar power plant (India’s second-largest ) atop two warehouses at the Pata petrochemicals complex in UP.

 

 

Click Here for more updates Ornatesolar.com