Suzlon arm to spend $5 bn on green energy

by Dave

Business Standard

Suzlon Energy Chairman and Managing Director Tulsi Tanti announced the company’s plan at the 2008 Clinton Global Initiative (CGI) of former US President Bill Clinton in New York, said a press statement issued by Suzlon.

Of the total project value of $5-billion, Suzlon Green Power will provide approximately $1.5 billion in equity. Suzlon Green Power will acquire existing green power assets and greenfield power projects.

“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,” said Tulsi Tanti.

The company estimates that its projects will create 1,000 jobs directly and many times more indirectly and will reduce 7 million tonnes of carbon dioxide emission each year.

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