Suzlon signs deal with CEIL for 1000 MW wind power project
28 January 2011
Suzlon Energy Limited (SEL) has announced the signing of an order with Caparo Energy (India) Limited (CEIL) for 1000 MW of wind power projects. The projects would be developed in India progressively by March 2013.
A wholly-owned subsidiary of AIM-listed Caparo Energy Limited (CEL), Caparo Energy India aims to become one of India's leading independent power producers (IPP) with a thrust on wind energy.
According to Angad Paul, non-executive chairman, CEL, India's wind energy market is the world's most buoyant. He added that with the supportive regulatory framework for wind energy, the company saw a great opportunity to invest as an IPP in what is the world's fifth largest wind energy market.
He added that recent improvements in the regulatory framework, such as the revised Feed-in Tariffs, Renewable Purchase Obligation (RPO), Generation-based Initiatives (GBI) and Renewable Energy Certificates (REC), offered the company an opportunity for value creation using a combination of various revenue options.
He added that the company was happy to have Suzlon's expertise, as Asia's leading wind power player, in its endeavor to become a major wind power IPP.
CEL CEO Ravi Kailas said CEL was committed to becoming a major player in the Indian wind power market and, it was key for the company that its partner matched its ambition with capability and expertise.
He added that with Suzlon, the company believed it had the best lifecycle value contribution, allowing it to rapidly build up bankable, profitable wind power projects.