Siemens Financial Services (SFS) has signed an agreement with Indian renewable energy company Greenko Group to invest in its 200MW Poovani wind power project in India.

As part of the deal, SFS will acquire a 46% stake in the Poovani wind power project for an undisclosed fee.

Greenko Group managing director and CEO Anil Chalamalasetty 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 the project and 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.”

“We are delighted to partner with Siemens for our Poovani Wind Project and welcome them to India.”

The Poovani wind power project is part of Solar Energy Corporation of India (SECI) Wind Power Tranche II.

Located in the state of Tamil Nadu, Southern India, the project will be equipped with 114 wind turbines supplied by the manufacturer Siemens Gamesa Renewable Energy (SGRE).

Once operational, the project is expected to power 155,000 homes annually, while eliminating nearly 651,000t of carbon emissions from the environment.

The project will be integrated with the central transmission system of India, which will enable the inter-state flow of energy from a renewable resource.

SFS Energy Finance CFO Steffen Grosse said: “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.”