Mumbai: Wind turbine manufacturer Suzlon on Tuesday said its European division has entered into a joint venture with Volkswind Bulgaria to accelerate company’s growth into the Bulgarian wind energy market.
Suzlon Wind Energy, the subsidiary of the wind turbine manufacturer has entered into an agreement with Volkswind Bulgaria GmbH, which is a subsidiary of Volkswind GmbH, Suzlon said in a filing to the Bombay Stock Exchange.
The JV will develop projects exclusively using Suzlon wind turbines, the filing added.
With Suzlon’s expertize in developing utility scale projects combined with Volkswind’s local knowledge and development experience, the JV is aimed to help Suzlon tap the Bulgarian wind energy market.
“This marks the beginning of a long-term partnership with Volkswind Bulgaria GmbH, and is a very important step in our strategy to expand our project development activities into new regions,” Suzlon Wind Energy CEO Erik Winther Pedersen said.
Pedersen added that Suzlon already has a 13 MW project under construction in Bulgaria for a leading industrial client, and he believes that the new relationship with Volkswind will help grow Bulgaria’s wind industry even more.
Bulgaria offers one of the most attractive wind markets in Eastern Europe, and is expected to achieve 500MW of wind energy capacity by the end of 2010, with a target of more than 3,000MW by 2020, it said.
“Suzlon’s existing infrastructure and experience from already erected turbines in Bulgaria will be beneficial for the development process. We are looking forward to building successful projects with Suzlon,” Volkswind Bulgaria GmbH director Malte Huchzermeier said.
Volkswind Bulgaria is one of the leading Independent Power Producers (IPPs) in Europe. With over 40 wind farms it is also one of the largest operators of wind farms in Germany.
Shares of Suzlon were trading at Rs69.85 on the BSE, down 0.64% from previous close.