GS Engineering & Construction is accelerating its push into India's renewable energy market.
GS Engineering & Construction said on the 21st that Chief Executive Huh Yoon-hong visited Delhi, India, on the 20th and signed separate memorandums of understanding (MOUs) with Arie Energy, a local renewable energy repowering corporation, and Suzlon Energy, India's leading wind power corporation.
GS Engineering & Construction will jointly promote a repowering business with Arie Energy targeting aging wind power plants in India. The repowering business replaces old wind farms with the latest turbines to increase generation, reduces early-stage development risks such as wind resource validation, and boosts profitability.
The two companies will collaborate to secure a total of 1 GW in wind repowering projects in India within five years. They plan to jointly carry out everything from project development to investment and operation through the establishment of a joint venture. GS Engineering & Construction will handle business structuring, investment and financing, and offtaker procurement, while Arie Energy will be responsible for local permits, land acquisition, and project management.
With Suzlon Energy, they will jointly develop an integrated renewable energy business model combining solar, wind, and energy storage systems. Suzlon Energy is a leading corporation in the renewable energy sector focused on manufacturing and distributing wind turbines. The two companies will identify business opportunities across India; GS Engineering & Construction will handle business structuring as well as investment and financing, and Suzlon Energy will be responsible for technology optimization and plant operations.
GS Engineering & Construction is currently operating the Patur solar power complex in India as a developer, the first among Korean builders to participate as a developer in a solar power project in India.