Estonian Investment Agency 19.01.2016
Goliath Wind OÜ, an Estonian company specializing in the development of state-of-the-art wind turbines incorporating their patented modular ring generators, signed a Joint Venture agreement for a value of €100 million with India-based Steelite Engineering Limited to form Steelite Capella Wind Private Limited. The ceremony was concluded at The Embassy of the Republic of Estonia in New Delhi, India.
This will enable both companies to combine technological know-how and localized market expertise, respectively, to operationalize the largest wind turbine project in India, with a generation capacity of 3.33 MW. Mr. Søren Horn Petersen, Chief Executive Officer at Goliath Wind OÜ commented that, "This is an exceptional development for both companies since it supports the Indian government's initiative "Made in India" to commercialize projects, while at the same time also supporting the drive of the Estonian Prime Minister, Mr. Taavi Rõivas, to ensure cost-effective energy supply to households. Our solutions place us perfectly in this ecosystem which we hope to take advantage of through this joint venture, developing projects in India and subsequently, other surrounding regions."
The wind turbine, known as Capella 3 is an innovative and rather unique solution in its field since it incorporates a gearless drive-train, which allows the entire production to happen in-house. Steelite Capella Wind Private Limited would set up manufacturing and R&D facilities in Western India, in the States of Maharashtra & Gujarat where they would be working towards operationalizing the first major project by early 2017.
In the words of Estonian Ambassador to India, H.E. Mr. Viljar Lubi, "The joint venture development between the two companies is an excellent example of the potential for a strong partnership between people and organizations in Estonia and India, which clearly shows that the differences between both nations in terms of size and location are irrelevant, and we can and will accomplish a lot by combining our resources. I congratulate Goliath and Steelite on this occasion and wish them the very best in flourishing their collaboration. They can lean on my personal and the Embassy's support"
The joint venture was facilitated by an independent energy consultant, Mr. Amit Ranjan Khan and aided by Mr. Varun Sharma, Representative – Trade & Investment Strategy for Enterprise Estonia (EAS) in India, and The Embassy of the Republic of Estonia in New Delhi.
About Goliath Wind OÜ
Goliath Wind OÜ is a technology company headquartered in Tallinn, Estonia, who developed the Capella 3 – 3MW platform of turbines, based on its patented Cyclos ring generator. The company was established in 2008 and is owned by the founding team and financial investors including the Estonian Development Fund.
About Steelite Engineering Limited
Steelite Engineering Limited encompasses a group of specialized engineering and manufacturing companies, who have a working history of 60 years in the power sector focusing on conventional as well as renewable energy. Steelite Engineering Limited is headquartered in Mumbai with its facilities located in the Indian states of Maharashtra, Gujarat and Madhya Pradesh.
Joint Venture between Goliath Wind OÜ & Steelite Engineering Limited