Private equity firm, First Reserve Corporation, has invested in wind turbine maker, Kenersys, a newly formed subsidiary of India’s Kalyani Group.
First Reserve is a private equity firm in the energyindustry that has invested in seven companies covering biofuels, waste toenergy, CO2 offset origination and renewable generation; solar and wind.With over $1.2 billion invested and committed to alternative andrenewables companies, First Reserve said it is targeting up to 15% of funds under management tothis sector.
The Kalyani Group said it currently supplies key wind turbine sub-components to componentmanufacturers and has utilized these relationships to secure components forKenersys. Going forward, Kenersys will design and develop several keycomponents for OEM’s and Tier I companies in the industry, thus reducingits reliance on outside suppliers, the company said.
"The combination of superior design and performance with securecomponent supply from a low cost manufacturing base puts Kenersys in anoutstanding position to meet the shortage of wind turbine capacity in theworld today. We believe that Kenersys will quickly emerge as a leader inthe turbine manufacturing industry," said Mr. Glenn Payne, Director atFirst Reserve.
Kenersys, with its design set-up in Germany and two operating companiesin Germany and India, will initially focus on assembling and marketingturbines in Europe and Asia Pacific, according to a release. The Indian organization will alsofocus additionally on turnkey wind farm project development. Other regions,including North America, are expected to follow. The company’s initial products, 2 and 2.5 (megawatts) MW turbines are currently in thedetail design phase with commercialization expected in Q4 2008/Q1 2009.
About Kalyani Group
Kalyani Group established in mid 1960s, is a leading Indian industrialconglomerate today with interests in forgings, automotive components,Engineering Quality steel and other niche segments such as non-conventionalenergy & heavy engineering components. The Group turnover is $2.1 billionand market capitalization of its listed entities exceeds $5 billion. TheGroup’s manufacturing presence spans six countries across three continentsviz. Asia, North America & Europe. The group has joint venturerelationships with some of the world’s leading players such asArvinMeritor, USA, Carpenter Technology Corporation, USA, Hayes Lemmerz,USA, Gerdau SA, Brazil and FAW Corporation, China. The group places strongemphasis on technology, customer relationships and continuous & sustaineddevelopment of it’s over 10,000 strong global human resources. (http://www.kalyanigroup.com/)
About First Reserve
First Reserve is a leading private equity firm in the energyindustry. Throughout its 25-year history of investing solely in the globalenergy industry, First Reserve has developed a strong franchise, utilizingits broad base of specialized industry knowledge as an advantage. FirstReserve believes that strategic diversification across a wide range ofenergy industry sectors has been a major contributor to the long-term investment record achieved by the First Reserve Funds acrosseconomic cycles.
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