Commodity Online
COIMBATORE:Coimbatore-based Chiranjeevi Wind Energy Ltd (CWEL), leading wind turbine manufacturer, has sold 40 percent of its equity to Dubai Group, the leading diversified financial services company of Dubai Holding.

Kumaravel, Executive Director of CWEL confirmed the news saying that private equity participation was sought for this closely held public limited company for expansion within India and overseas.

CWEL refused to divulge the value of the deal. Dubai Investment Group, which aims to build a diversified portfolio of assets in renewable energy, has made focused investments, through its subsidiary Dubai Ventures, over the past two years in the renewable energy sector across Asia.

Kumaravel said that the company is pursuing many new wind energy projects in different states and with the participation of Dubai group the company would look at other regions specially Middle East and Africa, where there is potential to set up wind farms.

CWEL recently received a $25 million order from India Globalisation Capital, for setting up a 24-megawatt wind farm in Karnataka, India. CWEL has also been mandated to set up wind farms for generating up to 260-megawatt by Karnataka Thermal Power Corporation Ltd.

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