The Nevada-based company Millennium Energy Corporation has entered the Indian renewable energy market, as have several other foreign companies in the recent past.
According to a press release issued recently, Millennium Energy announced that it entered an agreement with Steelite Wind Private Limited, an Indian company, to acquire a 10% stake in the latter. Millennium Energy will pay $62.5 million to acquire convertible debentures that translate into a 10% stake in Steelite Wind.
Steelite Wind is part of the Steelite Industrial Group of Companies, and manufactures and markets Capella wind turbines in India.
Through this transaction Millennium Energy will become a major participant in the renewable solar and wind energy business in India. It also demonstrates Millennium Energy’s support for the Indian Government Initiative of “Make in India,” a successful initiative of the Narendra Modi-led Government, which stated that “Millennium will shortly announce further investment and expansion plans in the wind, solar and renewable energy sector” in India.
India’s renewable energy market has seen increased activity over the last few months as the government announced aggressive policies to expand clean energy capacity. India plans to have 175 GW of renewable energy capacity installed by March 2022, including 100 GW of solar and 60 GW of wind energy capacity.
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