India’s Suzlon Energy Ltd. (SUEL) may seek a Japanese partner to make offshore wind turbines, attracted by access to cheap yen loans as projects at sea get costlier and more complex.
Suzlon, whose German unit Senvion SE is the third-biggest supplier of offshore turbines, is in talks with Japanese companies about forming a potential joint venture, Suzlon Chairman Tulsi Tanti said in an interview in Mumbai this week.
The pressures of costly investments and high technology risks are prodding companies into partnerships as global offshore capacity expands six-fold to 42 gigawatts by 2020, Mitsubishi Heavy Industries Ltd. (7011) and Denmark’s Vestas Wind Systems A/S (VWS) teamed up last year, followed by Areva SA (AREVA) and Spain’s Gamesa Corp Tecnologica SA (GAM) in January. General Electric Co. (GE)’s acquisition of Alstom SA (ALO)’s power assets is expected to reinvigorate its offshore activities, according to Bloomberg Intelligence analyst James Evans.
Tanti declined to name the Japanese companies Suzlon has approached. Fuji Heavy Industries Ltd. (7270), Hitachi Ltd. (6501) and Mitsubishi Heavy Industries Ltd. have supplied turbines for about 20 megawatts of the world’s 7,110 megawatts of offshore projects as of 2013.
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