Updated: June 29, 2015 4:42:27 am
After offloading its German subsidiary to reduce debt and release cash, wind energy major Suzlon Energy Ltd is planning to add 11,000 megawatts (MW) of wind and 4,000 MW of solar to the country’s renewal power generation capacity in next five years. Speaking to reporters over video-conference in Bhuj on Saturday, Suzlon Group chairman Tulsi Tanti said his group is eyeing 15,000 MW share in the Indian government’s target of adding 1,75,000 MW renewable energy generation capacity over the next seven years.
“Two months before, the government had invited all the global investors at RE-invest Conference in Delhi. In that, we have committed to build 10 gigawatt (or 10,000 MW) of wind power in the next five years. Our plan is to build approximately 1,000 MW of offshore (wind power) and four gigawatts (GW) of solar. So we have committed to the government to build a total of 15 gigawatts in next five years,” said Tanti.
In his budget speech in February, Union Finance Minster Arun Jaitley had announced addition of 1,75,000 MW of renewable energy generation capacity in the country by 2022.
Subscriber Only Stories
Ahmedabad-headquartered Suzlon, the world’s fifth largest wind turbine maker, accounts for around 9,000 MW out of approximately 23,000 MW wind power being generated in the country. In Gujarat, half of the wind power generation comes from Suzlon — 1,800 MW of around 3,600 MW.
Suzlon had a debt of more than Rs 17,000 crore till September 2014 and the burden had sapped liquidity from the company. The Indian major had acquired German company Senvion SE, then known as RE Power Systems, for Rs 7,300 crore in 2007 via bank loans. It sold Senvion to an American private equity firm for Rs 7,000 crore in April this year.
Sun Pharma has also infused around Rs 1,800 crore in Suzlon for a 23 per cent stake. “We received Rs 9,000 crore through sale of the company and equity. Out of that, we reduced our overall debt by Rs 6,000 crore and have put Rs 3,000 crore in operations to increase our volume for domestic market and continue our export to other countries,” Tanti further said.
📣 Join our Telegram channel (The Indian Express) for the latest news and updates
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.