The proposed investment is in line with Indian Prime Minister Narendra Modi’s goal to have 175GW of renewable energy capacity in the country by 2022.
Ministry of Commerce & Industry Department of Industrial Policy and Promotion Secretary Amitabh Kant said: "We are keen on seeing China investing more in India, especially in the manufacturing sector and partnering with India to make India a world class manufacturing base for production.
"This initiative is yet another step towards the ‘Make in India’ drive launched by our Prime Minister."
Of the total proposed investment, around $3bn will be used to install 2,000MW of capacity between 2016 and 2020, creating 1000 jobs.
The remainder $2bn will be invested in solar power and equipment. Sany will also install off-shore wind power generation technologies.
Sany Group chairman Liang Wengen said: "This investment is a significant step in deepening Sany Group’s presence and commitment to India. Green energy industry in India is growing and we see this as a huge opportunity to introduce our wind energy business in the country.
"We have invested in a potential market like India, and are excited about the future growth & potential for future investment. We believe that the agreement signing with Indian new energy enterprise will boost the mutual cooperation to a new height."
As reported in Bloomberg, SoftBank Group’s Masayoshi Son and Foxconn Technology Group’s Terry Gou are also planning to invest in the Indian green energy sector.
Image: India aims to have 175GW of renewable energy capacity by 2022. Photo: courtesy of Naypong / FreeDigitalPhotos.net.
