Wednesday, 10 Feb, 2010 Environment

Siemens to Develop Renewable Energy Technologies in India


It was revealed that Siemens looks forward to invest into the development of solar and wind energy systems in India. Over the next 3 years the German engineering company will invest $346 million in the green energy sector of one of the world's fastest developing economies.

It is worth mentioning that a third of its investments Siemens will use to develop the wind turbine technology. At the same time it will also put some money into the development of solar technology.

According to Peter Löscher, chief executive at Siemens, the company is going to increase its workforce in the country to 25,000 people. It will build a turbine manufacturing facility near Tamil Nadu and Gujarat on India's west coast. In the same region the German giant is expected to construct new wind farm developments.

Mr. Löscher mentioned that currently the main goal is to make wind turbines for Indian consumers. However, Siemens might think about exports somewhat later, informs BusinessGreen.

At the moment the government of India is considering approving official green energy targets. This could provide some help for Siemens along with other companies who express their interest in developing renewable energy technology in India.

It would be worth noting that recently the Indian government decided to subsidize utilities that make use of solar energy, allocating $5 billion over a period of 20 years.

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