Greenko Group, India’s leading renewable energy player, has signed an agreement with Siemens Financial Services (SFS), the financing arm of Siemens AG, for an equity investment in its Poovani Wind Power project. The project is being developed in the state of Tamil Nadu and is backed by Solar Energy Corporation of India Limited (SECI), Central Public Sector Undertaking under the Ministry of New and Renewable Energy, Government of India.
As per the agreement, SFS has agreed to take a 46 percent equity stake in the 200 MW wind power project. Siemens Gamesa Renewable Energy is involved in installing the entire infrastructure for the wind farm, including supply, erection and commissioning of 100 units of SG2.0 – 114 wind turbines with a hub height of 106 meters, specifically designed for low wind sites in India. Clean and affordable energy generated from this project will offset approximately 651,000 tons of CO2e from the environment and electrify approximately 155,000 households annually. The project will be connected to the central transmission system of India, which will enable inter-state flow of energy from a renewable resource rich state and enable other states to comply with their renewable purchase obligations and secure long-term renewable energy supply at a fixed price.
According to the Greenko Group, this 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 and technical capabilities, and the necessary regulatory frameworks to further support growth. This investment in renewables in the region further underscores Siemens’ commitment to bring optimal energy solutions to India backed by innovative Siemens Gamesa Technology.
Keywords: Siemens Financial Services, Greenko Group, Wind Power, Siemens Gamesa Renewable Energy, ARC Advisory Group