Suzlon Green Power commits 5 bn USD for green energy

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Mumbai, Sep 25 (UNI) Suzlon Green Power Limited today announced a commitment to bring 3,500 MW of power to nearly 10 million people with the development worth USD five billion in green energy assets over five years, primarily in India and China.

Of the total amount, the company would provide an equity of USD 1.5 billion. Suzlon Green Power, a closely held enterprise owned 100 per cent by India's Tanti family, made the announcement today at the 2008 Clinton Global Initiative (CGI) in the US.

Founder of the Company Tulsi R Tanti in his comments said that the urgent global need for clean energy compelled him to dramatically expand his family's business holdings. ''Our flagship business Suzlon Energy continues to focus on developing wind power solutions, offering wind turbines to the global market. On the other hand, we now commit to developing and owning green power assets through Suzlon Green Power, which will bring energy where it is needed most. Suzlon Green Power's business model will offer us an asset-based long term annuity income while mitigating the twin challenges of global warming and climate change. It also adds greater vertical integration to our holdings, building the value of our businesses in the long-term'' he added.

The Company estimated that its projects will create 1,000 jobs directly and many times more indirectly, and will reduce seven million tonnes of CO2 equivalent per year. Suzlon Green Power would invest resources and expertise in four key areas, which included acquiring existing green power assets to develop scale and expertise, develop greenfield projects, garner support and cooperation from a network of vendors, business partners, investors and partner with local NGOs and other organisations to develop neighburhoods where the power assets will be developed and operated.

Suzlon and other Tanti companies bring extensive experience in wind farm development. Of the more than 30 wind farms Suzlon has developed, two were of significant size: Sanganeri, on the southern tip of India, with 600 megawatts; and Dhule, northeast of Mumbai, with 1,000 megawatts under development.

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