Siemens Financial takes stake in 200-MW Indian wind project

Siemens Gamesa wind turbine. Photo taken from Siemens' website (www.siemens.com).

March 11 (Renewables Now) - The financing arm of German industrial giant Siemens AG (ETR:SIE) has agreed to buy an equity interest of 46% in the 200-MW Poovani wind project in the Indian state of Tamil Nadu.

The deal, signed with Greenko Group of India, marks the first time Siemens Financial Services (SFS) is investing in a wind park in Asia, says a press release today. Financial details were not disclosed.

The Poovani project was awarded to Orange Renewables as part of India's second wind power auction, conducted by the Solar Energy Corporation of India Ltd (SECI). The developer was later acquired by Greenko Energy Holdings.

Siemens Gamesa Renewable Energy SA (BME:SGRE) is in charge of the engineering, procurement and construction (EPC) of the wind farm, which will use 100 units of the company's SG2.0 – 114 wind turbines. Once built, Poovani will be connected to India's interstate transmission system (ISTS) and will produce enough power for roughly 155,000 homes annually, offsetting some 651,000 tonnes of carbon dioxide (CO2) emissions.

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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