Invest in renewable energy sources

BANGALORE: “Our greatest challenge today is in increasing the number of grid Connected solar power projects,” Prasanna Kumar, managing director of the Karnataka Renewable Energy Development Limited (KREDL),  said. He was addressing a gathering of businessmen at the Federation of Karnataka Chambers of Commerce and Industry (FKCCI).The state has commissioned 6MW of solar projects with another 3MW in Raichur currently undergoing testing. Kumar outlined various business plans with which businesses can invest in renewable sources of energy with good returns. “We have tendered 80MW of grid connected solar power on reverse bidding process. Many companies have responded,” he said adding that the cost of production for 1MW of solar power today has come down to about `10 crore. He also informed about plans to allot 400MW of solar grid connected projects under the Renewable Energy Certificate (REC) scheme under which the participating companies can get REC certificates after power generation begins. The generators can exchange the environmental attributes of renewable energy in the form of REC. Under REC, the price of electricity component would be equivalent to weighted average power purchase cost of distribution company including short term power purchase but excluding renewable power purchase cost, he noted.Kumar also suggested various measures like replacing age old inefficient technologies with newer ones for saving energy, implementing the Energy Conservation Building Code (ECBC) in the state.