Sany plans to invest around $3bn to install 2,000MW of capacity between 2016 and 2020 which in turn is expected to create 1,000 jobs.
The renewable projects are expected to generate 4.8 TWh of green and clean power annually besides reducing carbon emissions of around 3.6 million tons.
The remainder $2bn will be used for the development of solar power and equipment as well as installation of 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."
The proposed investment is expected to help contribute to the Indian Government’s aim to have 175GW of installed renewable generation capacity by 2022.
Indian 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."
Additionally, Sany Group is considering launching in-depth cooperation with Indian enterprises in various industries including comprehensive use of new energy and infrastructure construction.
SoftBank Group’s Masayoshi Son and Foxconn Technology Group’s Terry Gou are also keen to invest in the Indian green energy sector, according to Bloomberg.
Image: India plans to have 175GW of renewable power generation capacity by 2022. Photo: courtesy of Naypong / FreeDigitalPhotos.net.
