New York City, United States [RenewableEnergyWorld.com] Suzlon Green Power Ltd. announced a commitment to bring 3,500 megawatts (MW) of electricity to nearly 10 million people with the development of US $5 billion in renewable energy assets over five years, primarily in India and China.
Of the US $5 billion total project value, Suzlon Green Power will provide approximately US $1.5 billion in equity. Suzlon Green Power, a closely held enterprise owned 100 percent by India’s Tanti family, made the announcement on Wednesday at the 2008 Clinton Global Initiative (CGI).
“Our flagship business Suzlon Energy continues to focus on developing wind power solutions, offering wind turbines to the global market. On the other hand, we now commit to developing and owning green power assets through Suzlon Green Power, which will bring energy where it is needed most,” said Tulsi Tanti, founder of Suzlon Energy Ltd. “Suzlon Green Power’s business model will offer us an asset-based long term annuity income while mitigating the twin challenges of global warming and climate change. It also adds greater vertical integration to our holdings, building the value of our businesses in the long-term.”
The International Energy Agency estimates that the world’s energy needs will increase more than 50 percent by 2030, and both China and India’s energy use is set to double between 2005 and 2030. Suzlon said that it, along with other global organizations is exploring the most efficient renewable energy sources that can be brought to scale to meet this exponentially growing demand for energy.