(ADPnews) - Oct 14, 2010 - Indian wind developer Caparo Energy has floated on London's Alternative Investment Market (AIM), scooping up GBP 50.2 million (USD 79.5m/EUR 56.9m) to develop 5 GW of capacity on India's burgeoning market by 2017.
The Guernsey-based company, jointly owned by Indian industrial conglomerate Caparo and Finnish engine maker Wartsila (HEL:WRTBV), listed 26.7% of its equity, giving it a market capitalisation of GBP 188.2 million.
Caparo Energy has secured a deal with fellow wind power maker Suzlon Energy Ltd (BOM:532667) to help it search out suitable project sites and supply 3 GW of turbines under the first phase of Caparo Energy's development programme.
An additional 2 GW of wind farms are projected to come online under the second phase between 2016 and 2017. The company says that "advanced discussions" are underway with a number of international turbine vendors. It is also looking to purchase land in the wind-rich states of Karnataka, Maharashtra, Tamil Nadu and Andhra Pradesh.
The Indian government wants to install 40 GW of renewables capacity over the next five years, including wind, PV and solar-thermal. India had 11.8 GW of wind capacity as of March 2010.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.