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Suzlon signs agreement for 150MW of Wind projects in India at ~USD 191mn for Vedanta Group

According to Suzlon,the world’s third leading (Suzlon and RE Power) and India’s largest wind turbine manufacturer, has signed an agreement with Hindustan Zinc Limited, a Vedanta Group company and the world’s largest producer of zinc, to set up, operate and maintain 150 megawatt (MW) of wind power projects across the states of Karnataka, Maharashtra, Rajasthan and Tamil Nadu.

The project entails a total investment of approximately Rs. 865 crore (~USD 191 mn). The cumulative capacity of 150 MW will be completed in two phases – the first 50 MW by March 2011, and remaining 100 MW progressively by September 2011 and be supplied with a mix of Suzlon’s S82–1.5 MW and S88–2.1 MW wind turbine models. The power generated will be purchased by the respective state’s distribution utilities at the prevailing feed-in tariff under a long term power purchase agreement.

Speaking on the order, Mr. Tulsi R Tanti, founder, Chairman and Managing Director, Suzlon Energy Limited, said, “The Vedanta Group is one of India’s leading industrial houses, and we are very pleased to be their partner of choice. This order underlines the acceptance of wind energy as a viable and profitable solution to meet the increasing appetite among large corporations for reducing their carbon footprint, and meeting energy needs in sustainable manner.”

Vedanta Group currently has about125 MW of wind energy capacity in Gujarat and Karnataka, and after completion of these new 150 MW projects, the total portfolio will increase to 275 MW by September 2011. The company’s existing wind power projects have been registered under the Clean Development Mechanism (CDM) of United Nations Framework Convention on Climate Change (UNFCCC) and entitled for the carbon credits. The new projects are also planned for registration under the CDM for generating additional revenue from carbon credits.

The wind energy sector in India is among the most evolved and matured markets in the world today. Policy and regulatory initiatives have opened up the market to new and varied profiles of investors – from large corporates, public sector companies and independent power to segments like captive users, and small investors. Newer revenue models incorporating Generation Based Incentive (GBI) and Renewable Energy Certificate (REC) are set to expand the investment base even further. A key growth driver for the sector in India is also the growing awareness and concern around climate change.

Just recently, ACCIONA Energy has closed the long-term financing of the 56.1-MW Tuppadahalli wind farm that it is building in Karnataka state (south-west India) with Infrastructure Development Finance Company Limited (IDFC), a leading Indian infrastructure finance company. The agreement has been completed in three months, a record for this type of operation. 

Both Tata Power and Reliance Power have announced ambitious renewable energy plans with aggressive targets and have wind as a major contributor towards the targets. Caparo energy a wind focused IPP with a target 5000MW by 2017 also has a  business partnership agreement with Suzlon Energy Limited (“Suzlon”), for its phase one,  to acquire up to 3,000 MW of wind power generation farms.

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