Suryachakra Power Corporation (SPCL) is the flagship company of Suryachakra Group with interests in Power generation – renewable energy (biomass, Solar, hydro) and coal based, Engineering and Consultancy and Urban infrastructure development activities.
The company is actively engaged in the generation of power in line with the National Policy.The Suryachakra Group is the first company in the private sector to dedicate power plants to the nation at Port Blair, Andaman & Nicobar
Suryachakra Power Corporation (SPCL) is the flagship company of Suryachakra Group with interests in Power generation – renewable energy (biomass, Solar, hydro) and coal based, Engineering and Consultancy and Urban infrastructure development activities.
The company is actively engaged in the generation of power in line with the National Policy.The Suryachakra Group is the first company in the private sector to dedicate power plants to the nation at Port Blair, Andaman & Nicobar Islands. The Group is committed to strive for excellence in the field of power generation through sustained leadership in the execution of quality power projects throughout the country. It is our endeavour to put to use the state-of-the-art technology in building highly cost effective power plants.
The company had set up 20 MW power plant in a remote area near Port Blair, in Andaman Islands at a cost of Rs 850 million and dedicated to the nation. The plant is in operation since April 2003. It has already notched up an annual turnover of Rs 1 billion. The company has conducted biomass assessment study and also the Detail Project Report (DPR). The company has also signed a MoU with Malaysian /Indonesian firms for import of woodchips & Empty Fruit Bunches.
Suryachakra had bagged the award to construct and operate a 20 MW Diesel based Power Plant in Andaman & Nicobar Islands by the A & N Administration. The project was awarded to Suryachakra in Competitive Bidding. Accordingly, the Power Purchase Agreement (PPA) was signed by the Chief Secretary, Andaman & Nicobar Administration on behalf of President of India on 20th November 1997. The term of the PPA is for 15 years extendable three further periods of 5 years each. The A & N administration declared commercial operation date for the plant at Andaman and Nicobar with effect from April 1, 2003.
The project was funded by State Bank of India and SREI Infrastructure Finance Ltd. The equity was originally provided by Dr. S.M.Manepalli & Associates, Caterpillar and BSES Limited.
Suryachakra Power Corporation Limited is setting up of a 20 MW biomass based power plant in Navsari District, Gujarat. The company has conducted biomass assessment study report, submitted to Gujarat Energy Development Agency [GEDA]. In Principal approval received. The Company is accredited with ISO.9001: 2000 certification.
In 2009 the Companyacquired M/s. Suryachakra Power Venture Pvt. Ltd, one of its Group Companies, as wholly owned subsidiary of the Company.
Subsidiary
Suryachakra Power Corporation Limited has established 3 wholly owned subsidiaries for setting up of renewable energy (biomass) power projects and also acquired 51% stake in Sri Panchajanya Power Private limited which is setting up a 9.8 MW Biomass Power Plant at Hingoli, Maharashtra.
The company is also pursuing acquisition of coal mines, trading, biofuel plantations and processing. SPCL is holding a Power Trading license by Central Electricity Regulatory Authority for carrying out inter state sale (trade) of power.
Project Development Partners
- Caterpillar- This prestigious Plant was set up in technical collaboration of world class leaders M/s. Caterpillar Power Ventures Inc, USA through in wholly owned subsidiary Caterpillar Power Ventures has been associated with Suryachakra since 1997 as an Equity Partner and O& M Operator. Suryachakra has subsequently bought back the shares.
- Reliance Energy Limited (Formerly BSES)- The project was constructed by Reliance Energy Limited (formerly BSES Limited) under EPC Contract. Reliance Energy Limited through their group companies is holding about 2.68% share in the company.
Key Developments:
- The company has been accredited with ISO 9001-2000 (2005) certificate for the plant at Port Blair.
- The promoters of the Company acquired the shares held by M/s.Caterpillar Power Ventures International (Mauritius) Limited during 2005 through Kalyan Securities Limited one of the promoter’s core investment companies.
- SPCL launched three wholly owned subsidiaries for setting up of biomass power plants: LPSL, SAAIL and MSM Energy Limited.
- SPCL received License for Power Trading.
- Initial Public Offer: The Company came out with a successful IPO of 3.4 crores equity shares of Rs. 10 each at a premium of Rs. 10 during June 2007. The shares are listed on Bombay Stock Exchange (BSE). The Company Code in BSE is 532874 and Ticker Symbol in Bloomberg is SUPC:IN.
- SPCL acquired 51% stake in Sri Panchjanya Power Pvt Limited, which is setting up a 10 MW biomass based power plant at MIDC Hingoli, Maharashtra. 4 out of 5 biomass projects have been registered with UNFCCC for carbon credits.
- Suryachakra formed a joint venture with MAN Solar Millennium GmbH, a global leader in Solar Thermal Technology, for setting up of Solar Thermal power projects in India.
- Suryachakra was awarded Haldia Urban Infrastructure project by M/s.Haldia Development Authority.
- SPCL signed an MoU with Chhattisgarh government for setting up of 270 MW Coal based power plant in Chhattisgarh.
- SPCL received No Objection Certificate for setting up of 70 MW coal washery rejects / coal based power plant in Chhattisgarh. Lahari Power & Steels started commercial operations during April 2008.
