Dubai Fund Bets Big on Wind-Turbine Maker in India
April 30, 2008 – 3:09 pmThe Dubai Group, the financial services arm of Dubai Holding based in the United Arab Emirates, has bought a 40% stake in a leading Indian wind-turbine manufacturer, Chiranjjeevi Wind Energy.
The group plans to expand Chiranjjeevi’s operations in the Middle East and Africa, according to a report by Cleantech Media.
Chiranjjeevi recently won a $25 million contract with India Globalization Capital to construct a 24 megawatt wind farm in Karntaka. The company, which has already erected more than 150 wind turbines in India, says the project will start generating electricity in 2009. Meanwhile, Chiranjjeevi plans to build several additional wind farms around India for a state-owned utility, a Karnataka Thermal Power.
The Dubai Group has added several investments to it renewable energy portfolio recently, including deals in hydro-power, biomass power and waste-to-energy plants in China, Philippines and Malaysia.
India’s wind industry has surged in recent years as new companies like Suzlon (a leading global wind turbine manufacturer) and now Chiranjjeevi have launched India on to the list of countries with the five largest installed wind power capacity in the world. India currently ranks fourth and this deal is a sign that it will sustain if not improve that ranking.
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