The board of Essar Power Ltd, an investee company of Essar Global Fund has approved an investment of Rs. 300 Crore in a 90 megawatt PV Solar power plant in Madhya Pradesh, marking the fund’s foray into renewable energy.
The entry into renewable energy is part of EGFL’s strategic decision to rebalance its power portfolio from coal-fired to green energy after investing in hydrogen power in UK and coal gas in India.
It intends to repay balance debt Rs.10,000 crore which is largely in power portfolio.
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