The chairman of a major wind power company isn’t concerned about the low cost of gas hurting demand for renewable energy.
“It’s not damaging to the renewable energy sector at all,” Tulsi Tanti, chairman of Suzlon Group, told CNBC.com Friday at the World Economic Forum in Davos, Switzerland.
He said lower oil prices were actually helping companies like Suzlon because the logistics around building and transporting materials were less expensive.
Tanti said his competition wasn’t oil but power from coal, especially in developing countries like India and China, where Suzlon is expanding. Tanti also said he was targeting the U.S. for growth and that he wasn’t worried about declining government subsidies for renewable power.
Suzlon recently sold its German unit, Senvion SE, to U.S. private equity firm Centerbridge Partners for $1.1 billion to reduce the parent group’s debt burden and facilitate growth, according to a company statement at the time.
Suzlon was founded in 1995 and is based in Pune, India. It is the fifth-largest wind power company in the world with about 14,000 employees and wind turbines in 32 countries on six continents, according to Tanti. Overall, Suzlon has 25,000 megawatts of wind installations.
Published on CNBC