Virtuaal Infra joins hands with Singapore company to develop power projects in State
Delhi-based private power developer, Virtuaal Infra Power, a green energy developer producing energy through hydroelectric power plants, recently announced its association with Singapore based Infra Co Asia Development Ltd. The association will help Virtuaal Infra power in producing renewable energy in Arunachal Pradesh where it is executing two power projects. “The signing of joint investment and development agreements would also see InfraCo Asia make its first foray into sustainably developing projects within India’s renewable energy sector,” Vikram Aggarwal, Managing Director of Virtuaal Infra Power informed over phone from New Delhi. The two Compulsory Convertible Debenture (CCD) facilities of up to $1.8 Million and $3.2 million would support the company in the development of two run-of-river small hydro projects in Arunachal Pradesh.
VIPL have been doing its bit to counter strike issues of carbon foot prints with its ‘run of the river scheme (ROR) in Arunachal Pradesh. The company has been executing two projects in the state namely 23 mega watt Keyi Project in Lower Subansiri district and 14.5 MW Pareng project in Papum Pare district with an estimated cost of 410 crore. The company entered into a memorandum of agreement (MoA) with the state government in the year 2012 and already started its pre-construction activities and likely to commission both the projects by 2019, Agarwaal said.
“Completing the cycle of Green House gas issues and proliferating an all-inclusive green energy solution, the association with InfraCo Asia, will aid in further developing the projects undertaken by VIPL and strengthen the electricity supply in North East India,” the MD said. Infra Co Asia CEO Allard Nooy said, “While our association with Virtuaal Infra Power is touted to unravel a new era in the renewable energy sector and aid our partner with its pioneering Run-of-River small hydro projects, this association also marks our entry into the India market. It will enable us to sustainably develop projects within India’s renewable energy sector. We look forward to working with Virtuaal on the execution and implementation of these projects.” These opportunities fall under InfraCo Asia’s Co-Development Program, designed to support local developers to meet their pre-financial close project development costs in South Asia and South-East Asia.
Established in the year 2012, Virtuaal Infra Power Private Limited (VIPL) is a green energy developer, producing energy through small hydroelectric power plants. The company develops hydro plants with the objective of encouraging green energy, along with enriching and empowering local communities, while building inclusive growth. The company is currently working on two projects in the state and each project is being developed under a special purpose vehicle (SPV). The Keyi project is estimated to have an annual gross generation of 120.98 GWh while the Pareng project is projected to have an annual gross generation of 78.89 GWh.