Siemens Financial Services is to take an equity stake in the 200MW Poovani wind farm in India, its first investment in an Asia wind project.
The agreement with local renewable energy developer Greenko Group will see Siemens take a 46% interest in Poovani, which is located in the state of Tamil Nadu.
Siemens Gamesa is supplying, installing and commissioning 100 114-2.0MW turbines with hub heights of 106 metres for the project.
Greenko Group chief executive Anil Kumar Chalamalasetty 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.
“We are delighted to partner with SFS for our Poovani wind project and welcome them to India.”
Siemens Financial Services chief financial officer of energy finance Steffen Grosse said: “We are excited to announce this new transaction with Greenko Group, one of the leading renewable IPPs in India.
“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.”