Vibrant Gujarat: CLP Holdings plans to invest $2 billion in Indian gas plant

The Chief Executive Officer (CEO) of Hong Kong-based China Light and Power (CLP) Holdings Limited, Richard Lancaster, said the company is planning a 2,000 megawatt coal-based power plant at a projected investment of $2 billion in Gujarat.

“The gas plant is nearing the end of its power project agreement, so we have seen the plant going through quite large part of its life and now reaching the end of its life. It has come at a time when the availability of affordably price gas has been quite constrained. So, our thinking for the future is on that side is still a very good location closed to the coast,” Lancaster said on the sidelines of Global CEO Conclave, being held as part of the seventh edition of Vibrant Gujarat business summit.

“Power is still in demand. The capacity would be better placed with environmentally sound clean coal generation facility,” he added.

The Hong Kong based company is keen on developing renewable energy, especially in the form of solar and wind farms in India.

“We are continuing to grow our portfolio in wind farms. We are interested in investing in solar farms in India and at the moment we are looking at the feasibility of further investment in our gas plant in Gujarat to use imported coals,” added Lancaster.

Vibrant Gujarat, held every two years, has yielded billions of dollars in investment promises but only a fraction of the deals announced have come to fruition.