Energetica India Magazine - September 2022

Q You have recently announced that CDPQ has made an additional 10% investment in Apraava Energy. What does this mean for the company? Malcolm Wrigley: This transaction reinforces CDPQ’s and CLP’s joint commitment to support the acceler- ating transition to a greener economy in India. CDPQ first became a strate - gic shareholder in Apraava Energy in 2018 through the acquisition of a 40% stake. Since then, Apraava Energy has successfully undertaken a number of energy transition-related investments. The increase in strategic participation by CDPQ in Apraava Energy will mean a sharper and more dedicated focus on the investment and development of clean energy and power transmission projects. The company will continue to invest only in low-carbon growth areas, including renewable generation, trans - mission, distribution, as well as other customer-focused energy businesses. As we move forward, all of our decisions and efforts will epitomise energy in ac - tion, thereby creating value for all our stakeholders. Q What is the company’s current re- newable energy portfolio? What are the medium-term plans for renewable capacity addition? Malcolm Wrigley: Our renewable ener - gy portfolio comprises over 1,400 MW of installed capacity, which consists of ~1175 MW of wind energy (including an under-construction 252 MW wind project at Sidhpur, Gujarat) and ~250 MW of solar energy projects across sev- en Indian states. We have set a target to double our existing portfolio by 2025, contributing to the country’s energy transition goals. Q Will you pursue greenfield or brownfield opportunities in renew - able space? Malcolm Wrigley: Apraava Energy is keenly looking at both brownfield and greenfield opportunities to expand its D epending on the various fields, the company’s total investment outlay will be approximately Rs 5,000 crore a year. This will be distributed across generation, transmission, and other non-carbon opportunities in electricity. These investments will be funded with a combination of debt and equity from our own resources, with ~70 to 80% debt and a balance of ~20- 30% equity, shared Malcolm Wrigley , COO, Apraava Energy, in an exclusive interaction with Manu Taya l, Associate Editor, Energetica India. Mr. Wrigley also discussed about his company’s investment and expansion plans in the renewable energy space, challenges in offshore wind industry, etc. Here’re the edited excerpts from that interaction: 28 energetica INDIA- September_2022 INTERVIEW COO, Apraava Energy MALCOLM WRIGLEY