Suzlon, Reliance Wind Energy in Rs 9 bn power generation JV

Suzlon, Reliance Wind Energy in Rs 9 bn power generation JV Suzlon, Reliance Wind Energy in Rs 9 bn power generation JV

Source: IRIS NEWS DIGEST (06 March 2007)

Suzlon Energy and Reliance Wind Energy (RWE), a subsidiary of Reliance ADA Group`s energy business, have entered into a joint venture pact to set up a 150-MW wind power project worth Rs 9 billion with Suzlon Energy to serve the power-deficit Mumbai, reports Economic Times.

Suzlon Energy will set up the wind farm in Sangli, one of the known wind zones in the state. The project will be in two phases, and is expected to be rolled out by March 2008.
Post-completion, the project will generate 380 million units per annum, which will be purchased by Reliance Energy for its Mumbai distribution business.

RWE has plans to set up around 500 MW of wind power in various states over the next three years.

The project is expected to bring some relief to power-starved Maharashtra and also will fulfill the group`s environmental commitment towards renewable energy as prescribed by MERC.

RWE is looking at multiple opportunities to augment its generation capacity. By adding 500 MW wind power, the group is planning to diversify from its owned and contracted generating resources such as coal, natural gas, oil, and hydropower.

Shares of Suzlon were last trading lower by Rs 63.50, or 6.04%, at Rs 988.25. Total volume of shares traded at the BSE was 558,648. (4.42 pm, Monday)

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