Chennai head-quartered wind energy IPP Coromandel Wind Energy Limited (CWE) has signed an agreement with India’s largest wind turbine manufacturer – Suzlon Group for its maiden wind power project.
The project will comprise of 36 units of Suzlon’s new S97 – 2.1 MW wind turbine generators and shall be commissioned in FY 2012-13.
Under the agreement, Suzlon will supply, set up, operate and maintain a 75.6 MW wind power project for Coromandel Wind Energy in the state of Rajasthan. The deal is valued at nearly Rs 470 crore.
Dr Arun Subbiah, Director, CWE said: “The company has been set up to be a preferred investment vehicle for foreign and local investors targeting the booming energy sector in India. The company plans to list on a recognized exchange either in India or London at the appropriate time and expect to achieve a market capitalization in excess of $250 mn by 2014. This is only the beginning of CWE’s plans to be one of India’s leading clean energy IPP and become a 1000 MW scale company in this sector. We are sure our relationship with Suzlon will be one step towards achieving this.”
Anand Rengaswamy, Managing Director, CWE, said: “The clean energy IPP sector in India is in its early stages of evolution and we expect to benefit from an early mover advantage. In a time when the Indian economy is booming and the country’s power requirements are increasing, we feel that secular IPP’s can make a substantial difference in the market. We are convinced that Suzlon, the market leader in India has the capabilities, expertise, and track record to support our aspiration and business plan.”
Tulsi R. Tanti, Chairman and Managing Director, Suzlon Group, said: “The order from CWE is a testimony to the IPP sector’s trust in Suzlon. We are set to lead the booming IPP market segment in India and are fully geared to serve their specific requirements through our capabilities across the wind energy value chain. We look forward to a long-term relationship with CWE.”