Siemens Financial Services (SFS) has entered into an agreement with Greenko Group, to buy 46% stake in the 200MW Poovani Wind Power Project, to be located in the Southern state of Tamil Nadu.
Siemens Gamesa Renewable Energy will install the entire infrastructure for the wind farm including supply, erection and commissioning of 100 of SG2.0 – 114 wind turbines, each with a hub height of 106 m, specifically designed for low wind sites in India.
The project is backed by Solar Energy Corporation of India (SECI), a Central Public Sector Undertaking under the Ministry of New and Renewable Energy, Government of India.
When completed, the 200MW wind farm can help to offset about 651,000 tonnes of CO2 from entering the atmosphere, while generating enough electricity to power 155,000 households annually.
Greenko Group CEO and managing director Anil Kumar Chalamalasetty said: “Attracting an equity investment from Siemens Financial Services demonstrates the evolution of the Indian energy market with inter-state transmission of renewable energy, confidence of international financial institutions on project & technical capabilities and the necessary regulatory frameworks to further support growth.
“We are delighted to partner with SFS for our Poovani Wind Project and welcome them to India.”
The wind project will be connected to the central transmission system of India, enabling an inter-state flow of energy from a state which is rich in renewable resources.
Siemens Financial Services energy finance chief financial officer Steffen Grosse said: “We are excited to announce this new transaction with Greenko Group, one of the leading renewable IPPs in India.
“Completing our first equity investment in renewables in the region further underscores our company’s commitment to bringing optimal energy solutions to India backed by innovative Siemens Gamesa Technology.”
Last October, Greenko completed Orange Renewables acquisition and entered into a definitive agreement to acquire Skeiron Green Renewables.
The combined deal of Orange and Skeiron was expected to add about 1.3GW of operating and near completion wind and solar assets, taking Greenko’s operational capacity to about 4.5GW. The company has an additional under-construction capacity of more than 8GW.