Tuesday, April 27, 2010

SBI enters green power with Suzlon Energy

India’s biggest public sector bank. State Bank of India is the first bank to venture into green power by establishing windmills.

SBI has ventured into green energy in order to become energy neutral in the future, the statement from the bank said.

It has started the venture by joining hands with wind energy giant, Suzlon Energy. The venture was completed in 4 months.

SBI has said that during the initial phase, it will set up 10 windmills in Gujarat, Maharashtra and Tamil Nadu to produce power for specific branches in these states.

The 2nd phase would depend on results obtained in 1st phase and according to that the bank would set up more windmills. Talks for the same have already commenced with regulatory bodies for obtaining clearance, it said.

The banking major is negotiating with the Gujarat Energy Development Authority to allow it to set up another 20-mw capacity wind mills in the state, it said further.

The bank has also begun pilot study in land, energy and water, waste, air and carbon management to set up carbon emission guidelines, form standard and implement economically viable ecological solutions for completion with the expertise of outside consultants, it said.