Siemens Financial Services (SFS), the financing arm of Siemens AG, has announced an equity investment in Greenko Group’s 200-MW Poovani Wind Power project being developed in Tamil Nadu and is backed by Solar Energy Corporation of India Limited (SECI).

According to the agreement signed between the companies, SFS has agreed to take a 46 per cent equity stake in the 200-MW wind power project.

First equity investment

The project involves installation of 100 units of wind turbines manufactured by Siemens Gamesa Renewable Energy. According to Steffen Grosse, Chief Financial Officer of Energy Finance, SFS, the transaction with Greenko Group marks SFS’s first equity investment in renewable space in Asia as well as further underscores the company’s commitment to bringing optimal energy solutions to India backed by Siemens Gamesa’s technology.

“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 and technical capabilities and the necessary regulatory frameworks to further support growth,” Anil Kumar Chalamalasetty, Chief Executive Officer and MD of Greenko Group, said.