Suzlon Green Power Ltd. announced today a commitment to bring 3,500 megawatts (MW) of electricity to nearly 10 million people with the development of $5 billion in green energy assets over five years, primarily in India and China.
Of the $5 billion total project value, Suzlon Green Power will provide approximately $1.5 billion in equity. Suzlon Green Power, a closely held enterprise owned 100% by India’s Tanti family, made the announcement today at the 2008 Clinton Global Initiative (CGI).
"The urgent global need for clean energy compelled me to dramatically expand my family’s business holdings," said Tulsi R. Tanti, who is best known as the founder of the wind-turbine company, Suzlon Energy Ltd., (SUZLON.NS) based in India.
"Our flagship business Suzlon Energy continues to focus on developing wind power solutions, offering wind turbines to the global market," Tanti said. "On the other hand, we now commit to developing and owning green power assets through Suzlon Green Power, which will bring energy where it is needed most. Suzlon Green Power’s business model will offer us an asset-based long term annuity income while mitigating the twin challenges of global warming and climate change. It also adds greater vertical integration to our holdings, building the value of our businesses in the long-term."
Tanti’s efforts are global, with a majority of Suzlon Green Power’s projects to be located in India and China, two areas with burgeoning energy needs.
Suzlon Green Energy said it will 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.
The company estimates that its projects will create 1,000 wind jobs directly and many times more indirectly, and will reduce seven million tons of CO2 equivalent per year.
Suzlon Green Power will invest 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 organizations to develop neighborhoods where the power assets will be developed and operated.
The International Energy Agency estimates that the world’s energy needs will increase more than 50% by 2030, and both China and India’s energy use is set to double between 2005 and 2030. Suzlon, with other global organizations, is exploring the most efficient renewable energy sources that can be brought to scale to meet this exponentially growing demand for energy.
About Suzlon Green Power Ltd.
Suzlon Green Power Ltd. is a closely held enterprise promoted by the family of Tulsi R. Tanti, which also controls a majority stake in Suzlon Energy Limited, one of the world’s leading producers of wind turbines. Suzlon Green Power’s headquarters is in Ahmedabad, India.
About the Clinton Global Initiative (CGI)
Established in 2005 as a project of the non-partisan William J. Clinton Foundation, the Clinton Global Initiative (CGI) convenes global leaders to devise and implement innovative solutions to some of the world’s most pressing challenges. Since 2005, CGI members have made nearly 1,000 Commitments to Action valued at upwards of $30 billion to improve more than 200 million lives in over 150 countries around the world. Through past Annual Meetings, CGI has brought together more than 80 current and former heads of state, hundreds of top CEOs and non-profit leaders, major philanthropists, and 10 of the last 16 Nobel Peace Prize laureates.
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