India's Suzlon to invest $5bn in green energy

Suzlon Green Power, which controls a majority stake in Suzlon Energy – one of the world’s largest producers of wind turbines, has pledged to bring 3,500MW of electricity to 10 million people in India and China over the next five years as part of a $5bn renewable energy project.

Suzlon Green Power is owned by India’s Tanti family and the company will create $5bn in renewable and green energy assets, pledging $1.5bn in equity to the total project cost.

The project says it aims to bring more electricity where it is desperately needed in developing regions, and help move those regions toward energy security. The commitment also will help several countries meet the requirements of the Kyoto protocol, while creating 1,000 jobs directly and reduce seven million tons of CO2 equivalent per year.

The International Energy Agency estimates the world’s energy needs will increase more than 50 per cent by 2030, with both China and India’s energy use set to double between 2005 and 2030.

Suzlon Green Power says it will invest the resources and expertise in four key areas:

• Acquire existing green power assets to develop scale and expertise.

• Develop greenfield power projects.

• Garner support and cooperation from a network of vendors, business partners, investors.

• Partner with local NGOs and other organisations to develop neighborhoods where the power assets will be developed and operated.