Gas utility GAIL will bid for 400 MW solar power capacity being auctioned by SECI (formerly Solar Energy Corporation of India), making it the latest state-run oil and gas company to bet big on renewable energy for a low-carbon future.
“GAIL will bid for three projects aggregating 400 MW capacity being auctioned by SECI in Rewa, Madhya Pradesh,” company chairman Manoj Jain told TOI on Wednesday. On proposed outlay for renewables, Jain said 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 in 2019. But ILFS’ other partner used the first right of refusal. Otherwise, it would have made a good renewable portfolio,” he said. GAIL has a debt-equity ratio of 1:0.14 and total debt of Rs 5,990 crore.
GAIL had in March 2019 tied up with state-run power gear maker BHEL for renewables foray. Both companies have left the arrangement open on the choice of equipment for projects.