Siemens Gamesa Will Supply 567 MW to ReNew Power for Two Wind Projects

CHENNAI, India, January 31, 2019 /PRNewswire/ --

• Siemens Gamesa will install 270 units of the SG 2.1-122 wind turbines
• The order includes two turnkey wind projects which will be developed in the states of Gujarat and Karnataka

Siemens Gamesa Renewable Energy has secured a new order in India from ReNew Power, India's largest renewable energy Independent Power Producer (IPP). The scope includes the supply of 270 units of the SG 2.1-122 wind turbines, with a total capacity of 567 MW, to two wind power facilities*.

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As per the agreement with ReNew, one of the largest announced in India, the company will provide the infrastructure needed to install and operate both wind power facilities. The company will supply, install and commission 127 SG 2.1-122 wind turbines for the project in Bhuj, Gujarat and 143 SG 2.1-122 wind turbines for the project in Davanagere, Karnataka, respectively. Both projects are expected to be commissioned by the first quarter of next year.

With over 1 GW of contracted capacity of wind projects for ReNew power, SGRE stands as one of the trusted renewable energy partners for the company in India.

"We are happy to announce this deal with ReNew. It marks a major milestone for Siemens Gamesa in India, with both the size of the project and the technology. Continued large orders from leading IPP's such as ReNew demonstrates customers' trust in our capabilities, and encourages us to work on innovative technologies focused on delivering more value for our customers," said Ramesh Kymal, Onshore CEO of Siemens Gamesa in India.

Commenting on the project, Mr. Balram Mehta, President - Wind from ReNew Power, said, "As leaders in the Indian renewable energy industry, we uphold very high standards of quality and performance and select partners who reflect our passion for excellence. In our long-standing partnership since 2012, Siemens Gamesa has proven to be a reliable and competent support for us."

As per GWEC's ranking, India ranks 4th in global wind power installed capacity. The onshore potential in the country is promising as it stands at 300 GW of which only 35 GW has been tapped. The government of India has established a target of reaching 65 GW of cumulative wind power capacity by 2022.

Present in India since 2009, the accumulated base installed by Siemens Gamesa recently topped the 5.5 GW mark. The company has two blade factories in Nellore (Andhra Pradesh), and Halol (Gujarat), a nacelle factory in Mamandur (Chennai, Tamil Nadu) and an operations and maintenance centre in Red Hills (Chennai, Tamil Nadu).

About Siemens Gamesa Renewable Energy 

Siemens Gamesa is a global leader in the wind power industry, with a strong presence in all facets of the wind business: offshore (#1), onshore (#2) and services (#2).

Through its advanced digital capabilities, the company offers one of the broadest product portfolios in the industry as well as industry-leading service solutions, helping to make clean energy more affordable and reliable. With 89.5 GW installed worldwide, Siemens Gamesa manufactures, installs and maintains wind turbines in the onshore and offshore segments. Its order backlog stands at €22,8 billion. The company is headquartered in Spain and listed on the Spanish stock exchange (traded in the Ibex-35 index).

* These orders form part of the order intake disclosed by the company in the Q1 FY2019 results.

For more information: http://www.siemensgamesa.com

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About ReNew Power 

ReNew Power Limited is India's largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity. As of May 8, 2018, ReNew had a total capacity of over 5.85 GW of wind and solar power assets across the country, comprising 3.92 GW of operational capacity, 1.66 GW of under development capacity, and 0.27 GW of recently awarded SECI project. It develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. ReNew has a strong track record of organic and inorganic growth having nearly doubled its operational capacity in each of the last three Fiscal Years. ReNew's broad base of equity investors include Goldman Sachs, JERA, ADIA, CPPIB, GEF SACEF India, and ADB (subsequently exited).

For more information, please visit: http://www.renewpower.in

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LinkedIn: https://www.linkedin.com/company/renew-power/

CRISIL Disclaimer 

CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this report (Report) based on the Information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. CRISIL especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of this Report. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary permission and/or registration to carry out its business activities in this regard. ReNew Power Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the Report or part thereof outside India. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL's Ratings Division / CRISIL Risk and Infrastructure Solutions Ltd (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL's Ratings Division / CRIS. No part of this Report may be published/reproduced in any form without CRISIL's prior written approval.

Disclaimer:  

ReNew Power Limited is proposing, subject to the applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the DRHP with SEBI on May 8, 2018. The DRHP is available on the websites of SEBI at http://www.sebi.gov.in, BSE at http://www.bseindia.com, NSE at http://www.nseindia.com and GCBRLMs, i.e. at http://www.investmentbank.kotak.com, http://www.ml-india.com, http://www.goldmansachs.com, http://www.jmfl.com and http://www.jpmipl.com and BRLMs, i.e. at  http://www.idfcbank.com, http://www.ubs.com/indianoffers and http://www.yesinvest.in, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the DRHP, including the section "Risk Factors" on Page 23 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision.

This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States. The securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from such registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company, its management, as well as its financial statements. No public offering or sale of securities in the United States is contemplated.

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Dipankar Bose
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