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Siemens financial services arm picks up 46% stake in Greenko Group's Poovani wind power project

Mumbai: Germany-based Siemens on Monday said its financial services arm has picked up 46 percent stake in Greenko Group's 200 MW Poovani wind power project in Tamil Nadu for an undisclosed amount.

Siemens Financial Services (SFS) has signed a definitive agreement with Greenko Group for the 46 percent
equity investment, marking its first investment in a wind farm in Asia, the company said in a statement issued here.

 Siemens financial services arm picks up 46% stake in Greenko Groups Poovani wind power project

Representational image. Reuters

"Completing our first equity investment in renewables in the region further underscores our company's commitment to bringing optimal energy solutions to India backed by innovative Siemens Gamesa Technology, Siemens Financial Services chief financial officer of Energy Finance Steffen Grosse said.

The company, however, did not disclose the amount it has invested for the equity stake.

The project is backed by Solar Energy Corporation of India (SECI) and involves installation of 100 units of Siemens Gamesa Renewable Energy's SG 2.0 - 114 wind turbines in Tamil Nadu.

Clean and affordable energy generated from this project will offset around 651,000 tonne of CO2 from
environment and electrify nearly 155,000 households annually.

Commenting on the development, Anil Kumar Chalamalasetty, chief executive officer and MD of Greenko
Group, said, "attracting an 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."

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Updated Date: Mar 11, 2019 19:49:10 IST