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China’s Sany Group to invest $3 billion in India

China’s Sany Group to invest $3 billion in India

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China’s construction equipment manufacturer Sany Group Thursday said it would invest USD 3 billion (Rs 20,000 crore) to develop 2,000 mega watt of renewable energy projects in India.The group today announced the signing and handover of Green Energy Commitment to Prime Minister Narendra Modi towards development of 2,000 mega watt of renewable energy projects with investments of USD 3 billion (Rs 20,000 crore) for the period 2016-20, Sany Group said in a statement.

Besides generating 4.8 TWh (terawatt-hours) of green and clean power annually, these projects will generate 1,000 jobs and prevent carbon emissions of around 3.6 million tonnes per year, it added.Sany will establish efficient technologies for offshore wind power generation. It will bring in relevant expertise, operational excellence and global best practices for development of renewable energy in India, the statement said.Sany Group Chairman Liang Wengen presented the Green Energy Commitment to the Prime Minister.

Commenting on the announcement, Wengen said, “This investment is a significant step in deepening Sany Group’s presence and commitment to India. Green energy industry in India is growing and we see this as a huge opportunity to introduce our wind energy business in the country.” “We have invested in a potential market like India, and are excited about the future growth and potential for future investment. We believe that the agreement signing with Indian new energy enterprise will boost the mutual cooperation to a new height.”

Source:Moneycontrols

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Anand Gupta Editor - EQ Int'l Media Network

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