New Delhi: Betting big on power business, Ruias-led Essar Power has earmarked an investment of USD 8 billion in the next three years for setting up thermal power projects in the country.

"For an increase of 8,000 MW power capacity, the company plans to invest USD 8 billion by 2014," Essar Power said.
"All the investment has been tied-up," the company said without divulging further details.

Essar Power currently operates five captive power projects for providing electricity to its various steel plants and oil refinery.

The company's 515 MW combined cycle plant supplies 215 MW power to Essar Steel's Hazira plant and 300 MW to Gujarat Urja Vikas Nigam.

Another 500 MW gas-based plant is captive to Essar Steel's Hazira Steel Plant.

A 120 MW gas-based plant at Vadinar supplies electricity to the company's oil refinery in that area. A 380 MW gas-fired power plant provides power to Essar Oil refinery Algoma, Ontario, Canada. Another 85 MW plant is captive to Essar Steel Algoma plant.

Essar Power's under execution plants include a 2,520 MW imported coal-based project at Salaya and 510 MW Vadinar plant, 270 MW Hazira plant in Gujarat. They also include 1,800 MW domestic coal-based project at Mahan in Madhya Pradesh and 1,800 MW thermal plant at Tori in Jharkhand.

The company said that it is also exploring new opportunities in conventional and renewable power generation globally.

Meanwhile, Essar Power, which acquired 76 percent stake in Orissa's Navbharat Power Pvt Ltd, would also execute projects of over 2,000 MW capacity as part of the joint venture agreement.