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| Winwind Power to tap domestic mkt |
| BS Reporter / Chennai Sep 09, 2009, 00:08 IST |
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Winwind Power Energy Private Limited, a 100 per cent subsidiary of Finnish renewable energy company Winwind, inaugurated its Rs 375-crore wind turbine manufacturing facility at Vengal near here.
Speaking to reporters after inaugurating the facility, V Srinivasan, chief executive officer and director, Siva Ventures Limited, told mediapersons that the unit would produce turbines with 3Mw capacity as and when the demand for the technology picks up. Chennai-based Siva group, a has a major stake in the parent company, Winwind.
The initial production capacity of the facility is around 4 wind turbine generators (WTGs) per day and it plans to scale up to 8 WTGs per day within 18 months of production.
The company is also planning to tap domestic demand for wind turbines, including the demand for repowering (adding higher watt turbines in existing wind farms) before exporting wind turbines manufactured in the facility to potential European and Asian markets. “We are not into development of wind farms because of land acquisition problems. Besides, manufacturing is our expertise,” Srinivasan said.
The manufacturing plant is 65 per cent localised, he said. The company would outsource the manufacturing of gear boxes for its wind turbines to Kirloskar Pneumatic Company Limited in Maharashtra.
The parent company registered a turnover of 150 million Euros last fiscal. Further, the dilution of the stake of the company will happen in the next 18 months, according to Srinivasan.
The investment in the Chennai facility was made by the Siva group, Finnish Industry Investment Limited and Masdar, the clean technology arm of government of Abu Dhabi. When fully diluted, the Siva group will hold 51 per cent stake in the company and Finnish Industry Investment Limited less than 4 per cent. Though the exact per cent of stake with Masdar was not divulged, the company has invested significantly —120 million Euros — in Winwind last year.
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