Chinese construction equipment manufacturer Sany Group announced it will invest up to $5 billion on renewable energy, construction equipment and housing in India. The company has committed to Prime Minister Narendra Modi to develop 2,000 MW of renewable energy projects in India at an investment of $3 billion, which is expected to create 1,000 jobs during the next five years.
“This investment is a significant step in deepening Sany Group’s presence and commitment to India,” said Sany Group chairman Liang Wengen. “Green energy industry in India is growing and we see this as a big opportunity to introduce our wind energy business in the country.”
Sany said besides generating 4.8 terawatt hours of green and clean power annually and creating jobs, the projects will prevent carbon emissions of about 3.6 million tonnes per year.
“We believe that the agreement signing with Indian new energy enterprise will boost the mutual cooperation to a new height,” Wengen added.