SFS acquires 46% stake in Greenko Group’s Poovani wind power venture

German conglomerate Siemens AG has reportedly announced that its financial arm called SFS (Siemens Financial Services) has acquired a 46 percent stake in the 200-MW Poovani wind power project of Greenko Group PLC, the India-based renewable energy company, for an unrevealed amount. The latest equity investment by SFS marks the company’s first wind farm investment in the Asian region. The project, located in Tamil Nadu, includes the installation of around 100 units of SG 2.0-114 wind turbines from Siemens Gamesa Renewable Energy, including their supply, installation, as well as commissioning. Reportedly, the project is powered by SECI (Solar Energy Corporation of India Limited) Wind Power Tranche II, the Central Public Sector Undertaking under the MNRE (Ministry of New & Renewable Energy), Government of India. Anil Kumar Chalamalasetty, the MD & CEO at Greenko Group, was reported stating that the achievement of an equity investment from SFS marks a turning point in the evolution of the Indian energy market in the area of inter-state renewable energy transmission. He added that the latest transaction demonstrates the reliance of global financial institutions on technical capabilities and the important regulatory frameworks of projects like this to support further growth. According to a press release issued by Siemens, the project will generate clean and affordable energy, which will, in turn, help offset about 651,000 tons of carbon dioxide from the environment and electrify nearly 155,000 households each year. The project is likely to be linked to the central transmission of India, that will further allow inter-state energy flow and enable other states to fulfill their renewable energy purchase obligations, besides securing long-term supply of renewable energy at a fixed price. Authentic sources affirmed that Greenko Group’s latest deal with SFS is being anticipated as a major renewable IPP (Independent Power Producer) in India. The German company is highlighting its commitment towards providing India with innovative energy solutions, through its first equity investment in the country.