Florida based GreenWorld Development Inc. (OTCBB: FRXP), the American-Irish “green and health technologies” conglomerate, is targeting the fast growing wind energy market in India which ranks among the top 5 wind energy countries worldwide.
“With regard to renewable energy — especially wind energy — India is probably the most promising market worldwide,” GreenWorld-CEO Leo J. Heinl says. “On one hand, the Indian government is determined to become independent from expensive energy imports and is emphasizing the importance of renewable energy sources. On the other hand, there is a huge and growing energy demand in line with India’s outstanding economic growth.” Through GreenWorld’s office in Hamburg, Germany, the respective company structure with its Indian partners has already been set up. “We are talking about an initial investment of approx. 20 million US-Dollars, and we intend to grow our Indian joint venture company to one of the major wind energy producers in India,” Heinl says. Conservative financial projections suggest an average annual return of minimum 12%. Currently, various funding alternatives are being investigated.
A number of wind developers have entered into India with leaders like China Light and Power India that have announced big expansion plans in the recent past.