Joint Venture Pursues Wind Parks in India

Pekon Electronics Ltd. entered into a joint venture with SkyPower Corp., a Canadian renewable energy developer with more than 7,000 MW of capacity in 24 wind power projects and three solar parks, to develop wind farms in India.

SkyPower is a stakeholder in the Wolfe Island Wind Park, a 197 MW Project, which begins construction in early 2007. SkyPower also recently launched and manages the SkyPower Wind Energy Fund LP, the largest public renewable energy fund in Canada. The fund successfully completed a public offering of more than $77 M in late 2005 for the 201 MW Terrawinds Project in the Riviere Du Loup, Quebec region. “We are very excited about this partnership as SkyPower brings with them the extensive expertise to develop, finance, construct and operate large-scale wind parks, a definite need and requirement of the wind energy market in India,” said Dhiraj Bhagchandka, Director of Pekon Electronics Ltd. “The senior management at SkyPower has been involved in other large initiatives across India in the past eight years and truly envisions that this tie-up will result in significant projects being developed in the forthcoming years,” said Kerry Adler, Chief Executive Officer of SkyPower Corp. The joint venture intends to develop more than 1000 MW of Wind Super Parks over the next two years across the country and is currently proposing to several state governments for allotment of land at other suitable sites, the release states.
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