Cleantech venture capital, India, Wind

Merrill Lynch Invests $55 Million in Vestas RRB

October 16, 2007 (Economic Times) – Wealth management company Merrill Lynch today said it has made a private equity investment of $55 million (about Rs 218 crore) in wind electric generators producer Vestas RRB.” It is our first and largest investment in the renewable energy sector in India,” Merrill Lynch Asia Pacific Managing Director and Head (Corporate Principal Investment) David Noh said in a statement.

Vestas RRB would use the investment to meet capital expenditure being incurred in the setting up of the company’s wind energy generator (WEG) blade manufacturing facility in Chennai.

The money would also be utilised for setting up WEG controller and parts facility at Chennai and New Delhi, and for development of infrastructure required for setting up wind farms, Vestas RRB Managing Director Sarvesh Kumar said.

“The company is poised to expand its presence worldwide and is confident of obtaining a large share of the world wind power market,” he added.

Advertisements
Standard

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s