New York, September 24, 2008- Suzlon Green Power Ltd. announced today a commitment to develop 3,500 megawatts of new renewable energy, primarily in India and China. Of the $5 billion project value, Suzlon will provide approximately $1.5 billion in equity.
The announcement was one of several commitments made today at the 4th annual Clinton Global Initiative, held in New York in conjunction with the opening of the United Nations General Assembly.
"The urgent need for clean energy compelled me to dramatically expand my family's business holdings," said Tulsi R. Tanti, founder of the wind-turbine manufacturer Suzlon Energy Ltd.
"Suzlon's Green Power's business model will offer us an asset-based long term annuity income while mitigating the twin challenges of global warming and climate change," added Tanti.
The company estimates that its projects will reduce the equivalent of seven million tons of carbon dioxide per year and create 1,000 jobs directly, and many more indirectly.
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Image credit: Suzlon