Siemens to invest USD 97m in wind turbine plant in India - report

(ADPnews) - Oct 25, 2010 - India-based Siemens Ltd (BOM:500550), a unit of Siemens AG (ETR:SIE), considers investing INR 4.3 billion (USD 97m/EUR 69m) to build a 250 MW wind turbine plant in India, Indian daily Business Standard reported on Friday.

The plant will manufacture medium and low-end wind turbines mainly for emerging markets such as India. It is scheduled to go on stream by 2012.

At present the company is purchasing land for the plant in the state of Gujarat, according to Business Standard.

Armin Bruck, Siemens managing director, told the daily he expects the plant's installed capacity to reach 500 MW in its second phase.

Bruck added that Siemens Ltd has also teamed up with Indian Adani Power for solar power projects in India and was evaluating options for future collaboration.

Adani Power plans to set up 100 MW solar power plant at Surendranagar in Gujarat.

According to the daily, wind power capacity increase in India, which is the world's fifth largest wind power producer, is seen to slow down. While solar power is expected to grow, boosted by the government's target to add 20 GW solar power capacity until 2022 under its national Solar Mission.

In February, Peter Loescher, president and CEO of Siemens AG, said the company plans to invest some INR 16 billion in India in the next three years, most of which will be spend on entering Indian renewable energy market.

(INR 10 = USD 0.225/EUR 0.160)

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