Chennai-based leading wind electric generator manufacturer RRB Energy, is planning to invest Rs 500 crore to increase the turbine capacity at its plant near Chennai by three-fold.

Out of the proposed Rs 500-crore investment, the company had already spent Rs 150 on the facility, while the balance amount will be invested during the current financial year.

Presently, the company is manufacturing turbines with a capacity to generate 300 Mw and by end of this fiscal it plans to increase it to 1,000 Mw. In addition, the firm intends to employ another 1,000 people, mostly technicians, at this facility.

Recently, the company has sought 25 acres of land, which is close to its present facility for setting up foundries and to manufacture fabrications and towers. The company currently manufactures wind mill blades, controllers and moles for the blades at its Chennai plant.

Apart from this, the company also plans for an initial public offering by early next year to support its future expansion plans.