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Gamesa Corporación Tecnológica SA appoints Morgan Stanley India as investment banker to scout for wind power assets in India

Wind energy has witnessed a lot of activity in recent times in India. Panchabuta, has earlier talked about the  Generation Based Incentives (GBI) scheme for grid connected wind power projects with the objective of broadening the investors base by attracting FDI and independent power producers.

During FY11, the country is likely to add close to 2,200 MW of new wind capacity according to officials and around 450 MW is expected to be covered under GBI. The Generation Based Incentive Scheme (GBIS) provides that the energy producer will be entitled to an incentive payout of INR0.50 per unit of electricity fed into the grid.

 Suzlon Energy announced signing of order of $1.28bn for 1000MW with subsidiary of Caparo Energy-to be developed by 2013. Caparo plans to develop these wind farms under the GBI scheme discussed above.

Earlier Suzlon, announced that it had secured a  218 MW order in Brazil from Martifer Renováveis Geração de Energia e Participações. Suzlon Group REpower just concluded a 300MW first contract under a 954 MW framework agreement with Saint-Laurent Énergies. A couple of days ago they announced a joint venture with St. Louis based Affinity Wind to develop 150MW projects in Illinois.

Just a couple of days before that Suzlon Group, the world’s third leading wind power company, announced a memorandum of understanding (MoU) with the Government of Gujarat to develop 1,000 megawatt (MW) of new wind power capacity in the state over the next three years a few days back.

A couple of weeks ago Suzlon had 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.

Gamesa has recently been in the news, about its possible acquisition interest in Suzlon that Suzlon has denied. However Gamesa has not declined that story yet, and repeated calls by Panchabuta to Gamesa and its spokeperson Mr. A.  Gurunathan remained unanswered.

Panchabuta is given to understand by sources working on the deal and industry experts, that the process is in an advanced stage of technical evaluation.

Just yesterday, Panchabuta had reported that  Inox Renewables plans to buy 65MW Wind Business of parent company Gujarat Fluorochemicals Ltd.

According to reports in Mint today, Spain’s largest wind power equipment maker Gamesa Corporación Tecnológica SA, or Gamesa Corp., has appointed investment bank Morgan Stanley India Co. Pvt. Ltd to scout for wind power assets in India, two people familiar with the development said.

The Mint further added that, a senior executive from Morgan Stanley confirmed the mandate, but refused to disclose the identity of potential targets. Another banker, who lost the mandate to the Indian arm of the US bank, also confirmed the appointment of Morgan Stanley.

“I cannot tell you anything about the deal as there is client confidentiality. I cannot reveal the nature and value of the assets (in which) the company is interested,” the Morgan Stanley official added, asking not to be identified.

“We have no comments to offer,” said A. Gurunathan, Gamesa Corp.’s Indian subsidiary Gamesa Wind Turbines Pvt. Ltd’s spokesperson, responding to an email query to the company’s chairman Ramesh Kymal, Mint further added.

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