Gujarat Minerals Development Corporation Ltd (GMDC) plans to invest Rs 484 crore in the next two years to set up 81 MW of wind energy project in the State & has appointed global wind power major Suzlon Energy to implement the project.
GMDC will invest Rs 242 crore in the current financial year 2010-11 for generation of 40.5 MW at a wind farm in Jodia, Jamnagar district, and Rs 242 crore in financial year 2011-12 for 40.5 MW wind farm at Porbandar. The projects will be funded through market borrowing (70%) and internal accruals (30%). GMDC will raise around Rs 150 crore in the next two years from internal resources and tie-up with Gujarat State Financial Services Ltd (GSFS) for the loan component.
GMDC, as part of its diversification into clean energy projects, had invested Rs 118 crore in 2009-10 for 20 MW capacity wind farm at Maliya in Rajkot district. The project was commissioned in November 2009.