Millennium Energy Corp (OTCMKTS:MLME) has agreed to subscribe for USD 62.5 million (EUR 56.5m) worth of debentures that convert into a 10% block of shares in Indian wind turbine maker Steelite Wind Private Limited.
To pay for the purchase, the New York-based holding company will itself issue 12.5 million new Millennium Energy common shares at USD 5.00 apiece, it said on Tuesday.
Steelite Wind is part of the Steelite Industrial Group of Companies. It is active in the production and marketing of both onshore and offshore Capella wind turbines, ranging in size from 1 MW to 10 MW. According to information on the company’s website, only Capella 3 onshore and offshore units of 2.5 MW to 3.5 MW are currently available. This platform represents the first Goliath turbines to be introduced to India, the company says.
Millennium Energy’s chairman Irving Aronson commented that this transaction aligns with the company’s plan to invest in India and become a major participant in the country’s renewable energy industry. He added that the firm will shortly unveil further investment and expansion plans in India’s wind and solar power sectors.