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Renewable Power Eyes Gurugram with ₹4,700 Cr Network
20 Jul
Summary
- Investment proposed at over ₹4,700 crore for renewable-led network.
- Project depends on Haryana regulator's approval for license.
- Nuh district, currently underserved, included in the first phase.
Eleven Power has put forth a substantial investment proposal of over ₹4,700 crore to develop a renewable energy-focused electricity distribution network. This initiative targets the Gurugram and Nuh districts in Haryana. The company has formally applied for a parallel distribution license from the Haryana Electricity Regulatory Commission to facilitate this project.
The company confirmed that funding for the crucial first phase is fully secured, with equity and debt components already in place. However, the entire project is contingent upon receiving the necessary license from the regulatory body. Notably, Nuh, recognized as one of Haryana's most underserved districts, has been included in the initial rollout plan.
This proposed parallel license would allow Eleven Power to operate alongside the existing utility, which would retain its infrastructure and customer base. Consumers would have the option to switch to the new supplier. Eleven Power is the electricity distribution arm of the Eleven group, chaired by Sunil Sachdeva, co-founder of Medanta.
