Clean energy producer Greenko Group is to buy a licence for a 96MW hydro project in the Indian state of Sikkim, in a bid to boost production capacity.
Greenko chief executive Anil Chalamalasetty said the project, which is part of the group’s expansion plan, will cost about $154m (€105m) to build over four years, reports Reuters.
The company expects to obtain debt within three to six months to fund 70% of the Sikkim project, which is in an advanced stage of development with necessary permits in place.
Greenko was founded in 2006 to develop, own and operate projects in Asia.
The company said it secured production capacity of 255.5MW to the end of this year and aims to increase that to 1,000MW by the end of its financial year 2014.