Suzlon Eyes $3.86-Billion Investment for 3-Gigawatt Renewable Energy Projects

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Researched by Industrial Info Resources India (Delhi, India)--Suzlon Energy Limited (BSE: 532667) (Pune, Maharashtra), the world's fifth largest wind turbine maker, is looking at a $3.86-billion investment to develop clean energy projects with a combined capacity of 3,000 megawatt (MW) in the western coastal state of Gujarat over the next five years.

Suzlon is primarily targeting energy-intensive small industries' units operating in clusters in the state, dedicated to textiles, food processing and cold storage and auto components, to sell these power units. Suzlon would encourage these industries to invest in captive wind power plants, with a minimum capacity of 2.1 MW, for assured supply of affordable and clean energy.

Suzlon will be creating the energy farms in the Saurashtra and Kutch regions of the state and sell them to the small enterprises in units of one wind mill and above. "We are not investing in wind projects, we are only playing the part of a developer...we will be marketing these to SMEs (Small and Medium Enterprises)," said Suzlon's Chairman Tulsi Tanti.

Out of the 3-GW capacity, 2 GW will be on-land wind farms, while the other 1 GW would comprise 500 MW of offshore wind capacity and 500 MW of solar power.

The debt-laden wind turbine maker said the company is looking to reduce its domestic-currency debt by 50% to $643 million by the end of the current fiscal. The company expects to create 6,000 direct and 75,000 indirect jobs in the state, through its proposed investments.

Suzlon has an installed wind power production capacity of 25,000 MW globally, including 8,250 MW in India where it has a 40% market share in this segment. It is producing 1,800 MW in Kutch district of Gujarat, which is 20% of its pan-India capacity.

Tanti pointed out that India has an offshore wind energy production capacity of 100 GW, with Gujarat and Tamil Nadu being the best destinations. The Government of India aims to increase contribution of wind power from 20 GW now to 50 GW in the next five years.

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