Guascor India, a wholly owned subsidiary of the Spanish conglomerate Guascor, is planning to establish three small power plants in India at a cost of $50 million. The company expects to underwrite $15 million of the cost from its own equity and to raise the remainder from outside investment.
The three projects involve two hydroelectric schemes and one gas-fired power plant. The latter, based in Tripura, will generate 3MW from natural gas. The scheme has been assured a regular supply of gas.
Guascor has already established a Memorandum of Understanding with the Uttar Pradesh State Electricity Board for an 8.5 MW hydropower scheme on the river Sarju in Almora. A second Memorandum has been agreed with the Himachal Pradesh State Electricity Board involving a 6.5 MW plant, Sal-1, near Chamba.