PVP Ventures invests $1B in power sector

Bangalore, India-based PVP Ventures' (BOM: 517556) investment news comes several weeks after the company outlined plans for several major investments in the power sector.

Earlier this summer, Malaxmi Energy announced plans to merge with PVP Ventures to create a new power subsidiary called PVP Malaxmi Energy
Ventures.

PVP Malaxmi Energy said it plans to invest $1 billion in power projects over the next 12-to-18 months in its goal to provide 8,000 megawatts of electrical capacity.

According to news reports, Malaxmi Energy has a significant stake in two major power projects: 50 percent in Navabharat Power and 26 percent in Simhapuri Energy. Both are coal-generated systems in final stages of implementation.

Recently, two of India's state-controlled power utilities, Bharat Heavy Electricals and Andhra Pradesh Power Generation, signed an agreement to set up a 125 MW clean coal power plant (see India to build clean coal plant in Vijaywada).

The 125 MW power plant will use integrated gasification combined cycle (IGCC) technology, which has been implemented in several Indian power plants. Benefits of the technology include generating less greenhouse gases, consuming less water and an overall operating effiicency of about 40 percent, according to the government.

PVP Ventures said it expects more than 20 billion rupees ($450M US) in revenue over the next five years from a 70–acre township in Chennai where it was implanting the power with other partners, Arihant Foundation and Unitech.

The company has said its energy assets in areas of non–conventional energy. To date, the company has several geothermal projects underway, including 2,250 MW under development in Dhenkanal District in Eastern India (see Glitnir to bring geothermal to India).

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