The company hopes to invest Rs 24000 crore in Gujarat
Wind turbine maker Suzlon announced its future plans on Saturday. The debt laden company has already installed many wind turbines along the coast of Gujarat plans to invest in other energy projects in the state upto a tune of Rs 24000 crore. Suzlon, hopes to generate 3,000 MW of electricity in Gujarat.
Suzlon aims to reduce its debt by 50% this fiscal year
The current debts faced by Suzlon amount to Rs 8000 crore which according to Chairman Tulsi Tanti should be reduced by 50%. The company also has an equal debt in foreign currency. “We have large operations and a capital structure. We also have many avenues to generate funds to reduce the debt and we are working out on that,” he said, adding that the debt will be zero in the next three years.
Mr Tanti announced a Rs 24,000-crore investment in Gujarat over the next five years to set up a 3,000 MW wind and solar energy capacity which will be owned by small businesses in dedicated clusters for reducing their energy outgo.The company will be setting up 2,000 MW of on-land wind capacity, 500 MW of offshore wind capacity and 500 MW of solar capacity, he said, adding that offshore capacity will be 5-10 km off the Kutch coast.
“We are only playing the part of a developer”
Pune-based Suzlon will be creating energy farms in the Saurashtra and Kutch regions of the state and sell to the small enterprises in units of one wind mill and above, Mr Tanti said.”We are not investing in wind projects, we are only playing the part of a developer, we will be marketing these to SMEs,” he said, pointing to a similar pilot project carried out Coimbatore a decade ago.