SINGAPORE: Hong Kong-based CLP Holdings Ltd plans to increase its renewable power generating capacity in Asia to 5% of its overall portfolio from 1%, a company executive said yesterday.
Mike Nikkel, managing director of South-East Asian business for the regional utility, said it was looking at greenfield projects from Thailand to Australia, with the likely investment estimated at over US$700mil given average development costs.
We are pretty active right now, he said on the sidelines of the PowerGen conference here.
CLP Holdings has a generating capacity of 18,000 megawatts, with 59% coming from coal plants, 30% from gas, 7% from nuclear power and 2% from oil burning plants. Hydropower and renewables contributed 1% each, with the company operating wind plants in China.
Nikkel said development costs for each megawatt of renewable power cost around US$1mil, around double that for thermal coal plants. He said the money would come from banks and company funds, though he gave no timeframe for the investments. Reuters