Indore , Madhya Pradesh India (PressExposure) November 30, 2011 -- Maiden project for the wind energy IPP established by a team of highly successful Indian and International promoters - Deal valued at nearly Rs 470 cr.
Chennai: Coromandel Wind Energy Limited (CWE), a Chennai head-quartered wind energy IPP, 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.
Speaking from London, 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 million 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."
Mr 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."
Mr 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."
About Coromandel Wind Energy Company Limited:
Coromandel Wind Energy Company Limited (CWE) is a Chennai, India head quartered wind energy IPP established by a team of highly successful Indian and International promoters. CWE intends to become a leading clean energy IPP in India. The promoters are highly successful Indian and foreign entreprenuers who have built large scale business in excess of several hundreds million $US. Promoters of the company are Mr. Anand Rengaswamy, Mr. Ravindran Govindaswamy, and Dr. Arun Subbiah. Both Mr. Rengaswamy and Mr. Govindaswamy have extensive experience and expertise in the wind industry in India colllectively operating some 18.5 MW in Tamil Nadu and Karnataka.
About Suzlon Group:
The Suzlon Group is ranked as the world's fifth largest* wind turbine supplier, in terms of cumulative installed capacity, as at the end of 2010. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with over 18,000 MW of wind energy capacity installed in 28 countries, operations over 32 countries, with a workforce of over 13,000. The Group offers one of the most comprehensive product portfolios - ranging from sub-megawatt on-shore turbines at 600 Kilowatts (KW), to the world's largest commercial 6.15 MW offshore turbine - with a vertically integrated, low-cost, manufacturing base. The Group comprises of Suzlon Energy Limited and its subsidiaries, including REpower Systems SE. For more details visit: http://www.suzlon.com
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