Siemens Financial Services invests in Greenko Group's 200 MW Poovani Wind Power Project (VIDEO)

New Delhi (ots) -

- Definitive agreement has been signed between the parties for
equity investment

- First investment by Siemens Financial Services (SFS) in a wind
farm in Asia

- Project involves installation of 100 units of Siemens Gamesa
Renewable Energy's SG 2.0 - 114 wind turbines in Tamil Nadu

- Project forms part of Solar Energy Corporation of India Limited
(SECI) Wind Power Tranche II

Greenko Group, India's leading renewable energy player, has signed
an agreement with Siemens Financial Services (SFS), the financing arm
of Siemens AG, for an equity investment in its Poovani Wind Power
project. The project is being developed in the state of Tamil Nadu
and is backed by Solar Energy Corporation of India Limited (SECI),
Central Public Sector Undertaking under the Ministry of New and
Renewable Energy, Government of India.

As per the agreement, SFS has agreed to take a 46% equity stake in
the 200 MW wind power project. Siemens Gamesa Renewable Energy is
involved in installing the entire infrastructure for the wind farm,
including supply, erection and commissioning of 100 units of SG2.0 -
114 wind turbines with a hub height of 106 m, specifically designed
for low wind sites in India.

Clean and affordable energy generated from this project will
offset approximately 651,000 tonnes of CO2e from environment and
electrify approximately 155,000 households annually. The project will
be connected to the central transmission system of India, which will
enable inter-state flow of energy from a renewable resource rich
state and enable other states comply with their renewable purchase
obligations and secure long-term renewable energy supply at a fixed
price.

Commenting on the development, Mr. Anil Kumar Chalamalasetty,
Chief Executive Officer and MD of Greenko Group, said, "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 & technical capabilities and the necessary
regulatory frameworks to further support growth. We are delighted to
partner with SFS for our Poovani Wind Project and welcome them to
India."

Mr. Steffen Grosse, Chief Financial Officer of Energy Finance,
Siemens Financial Services added, "We are excited to announce this
new transaction with Greenko Group, one of the leading renewable IPPs
in India. Completing our first equity investment in renewables in the
region further underscores our company's commitment to bringing
optimal energy solutions to India backed by innovative Siemens Gamesa
Technology."

About Siemens AG:

Siemens AG (Berlin and Munich) is a global technology powerhouse
that has stood for engineering excellence, innovation, quality,
reliability and internationality for more than 170 years. The company
is active around the globe, focusing on the areas of electrification,
automation and digitalization. One of the largest producers of
energy-efficient, resource-saving technologies, Siemens is a leading
supplier of efficient power generation and power transmission
solutions and a pioneer in infrastructure solutions as well as
automation, drive and software solutions for industry. With its
publicly listed subsidiary Siemens Healthineers AG, the company is
also a leading provider of medical imaging equipment - such as
computed tomography and magnetic resonance imaging systems - and a
leader in laboratory diagnostics as well as clinical IT. In fiscal
2018, which ended on September 30, 2018, Siemens generated revenue of
EUR83.0 billion and net income of EUR6.1 billion. At the end of
September 2018, the company had around 379,000 employees worldwide.
Further information is available on the Internet at www.siemens.com.

About Siemens Financial Services

Siemens Financial Services is the financing arm of Siemens. For
further information on Siemens Financial Services, please visit
www.siemens.com/finance.

About Greenko

Greenko is a main stream participant in the growing Indian energy
industry and a market leading owner and operator of Wind, Hydro &
Solar assets in India with a focus on developing Wind-Solar-Storage
Hybrid/Integrated Renewable Assets to lead the mainstreaming of
renewable energy in India. The Group is focused on building utility
scale assets with assets diversified on the basis of offtake,
geography and technology. Greenko intends to increase the installed
capacity by developing and building new greenfield assets, as well as
making selective acquisitions which enhance shareholder value.
Greenko has achieved 4.5 MW of operational portfolio and over 8 GW
under construction capacity and is well funded to grow a multi
gigawatt portfolio over the next few years. With a core belief in
sustainability both operationally and environmentally, Greenko
endeavors to be a responsible business, playing an important role in
the community beyond its role in the power sector. The Company
maintains continuous involvement in localised projects and community
programmes which focuses on education, health and wellbeing,
environmental stewardship and improving rural infrastructure.

Contact for journalists:
Siemens India
Bijesh Kamath
Phone: +91 22 3967 7537; E-mail: bijesh.kamath@siemens.com

Greenko Group
Swathi Reddy
E-mail: swathi.r@greenkogroup.com

Original-Content von: Siemens Financial Services GmbH, übermittelt durch news aktuell