Siemens’ finance arm buys 46% stake in Greenko’s wind unit


Mumbai: German engineering conglomerate Siemens’ financing arm has signed a pact with Greenko group to acquire 46% stake in its 200 MW-Poovani wind powerproject, German conglomerate said on Monday.

This is SiemensNSE 0.61 % Financial Services’ first investment in a wind farm in Asia. Its group company Siemens Gamesa Renewable Energy is building the project for Greenko.

“Completing our first equity investment in renewables in the region further underscores our company’s commitment to bringing optimal energy solutions to India backed by innovative Siemens Gamesa Technology,” Steffen Grosse, Chief Financial Officer of Energy Finance, Siemens Financial Services, was quoted as saying.

The companies did not disclose the financial consideration for the deal.

Poovani wind power project is being developed in the state of Tamil Nadu and is backed by Solar Energy Corporation of India a company formed under the Ministry of New and Renewable Energy of the Indian government.

“Attracting an equity investment from Siemens Financial Services demonstrates the evolution of the Indian energy market with inter-state transmission of renewable energy, confidence of international financial institutions on project & technical capabilities and the necessary regulatory frameworks to further support growth,” said Anil KumarChalamalasetty, chief executive officer and managing director of Greenko Group.