The NSL Group has acquired developmental rights to set up a 400 MW wind power project in Chile.
According to Mr Mandava Prabhakar Rao chairman of NSL Group said that the investment outlay for the entire project is expected to be around USD 650 million. He added that "We have acquired this 400 MW project in Chile during the search for global opportunities in wind power generation."
Mr Rao told PTI that "Chile's excellent investment climate and economic stability and favorable policies toward renewable power made it a favorable investment destination for the Group and it would act as a springboard to capitalize on the opportunities in Latin America."
Mr Rao said that NSL Group's overseas subsidiary, which acquired development rights to set up the project, is expected to complete the project in three years.
Currently, the NSL Group has about 162 MW of installed renewable power capacity in its portfolio, comprising 150 MW of wind power, including 50 MW that is expected to be commissioned later this month and two biomass plants of 6 MW each.
In addition, the company has two medium scale wind projects of 100 MW and 44 MW capacity respectively, besides two small scale units of 5 MW and 6 MW capacity under development.
