Dubai Group buys stake in India's Chiranjjeevi Wind

The emirate-owned Dubai Group has boosted its renewable energy portfolio with the acquisition of a 40 percent stake in India's Chiranjjeevi Wind Energy, a wind turbine manufacturer.

The Dubai Group did not disclose the financial terms of its investment.

"We are pleased to partner with India's CWEL as part of our continuous commitment to finding solutions towards a better future," said Abdulhakeem Kamkar, CEO of Dubai Investment Group, a subsidiary of Dubai Group.

"While CWEL will have a strong base in India, we intend to explore, along with CWEL, other regions, specially Middle East and Africa, where there is potential to set up wind farms."

The Dubai Group said Chiranjjeevi has already installed over 150 wind turbines in India.

The turbine manufacturer recently received a $25 million order from India Globalization Capital for setting up a 24 megawatt wind farm in Karnataka, according to the Dubai Group.

Chiranjjeevi plans to operate and maintain the wind farm, which is expected to be operational within a year.

Chiranjjeevi has also been mandated to set up wind farms for generating up to 260 MW by Karnataka Thermal Power, a state-owned utility.

The Dubai Group said its other renewable energy investments include biomass power plants and waste-to-energy plants in China, hydroelectric in China and the Philippines, and biodiesel and glycerine producers in Malaysia.