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Australian Windlab teams with Indian bank

Australia's Windlab Systems is teaming up with India's Yes Bank to identify potential joint venture partners for wind project development in India. The private sector bank will act as strategic and financial advisor to the Australian firm, which already has a wind portfolio totalling 5000 MW of projects under development across five countries. The bank says it expects four Indian joint ventures to be established in the next 18 months, with a view to developing a total of 200 MW of wind plant initially. In a separate arrangement, Yes Bank will also provide advisory services to Windlab in return for receiving carbon credits from the wind projects to offset its carbon footprint. Windlab is an offshoot of Australia's CSIRO and specialises in developing and applying atmospheric modelling systems to locate and develop wind energy sites. "The market in India is one of the most dynamic and exciting wind markets in the world. Implementation of the current national and state government policies will see the installation of at least 30 gigawatts of new wind plant by 2022, with a required investment exceeding $50 billion," says Nathan Steggel, one of the founders of Windlab. "Our technology has a strong advantage in this market and provides ourselves and our partners with a great opportunity to build a portfolio of premium wind projects in India." Yes Bank is also setting up a $300 million clean energy technology fund focused on South Asia in partnership with the World Bank's Global Environment Fund. Yes Bank will hold a 35% share in the fund, which is expected to make its first investment by March 2009.

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