GE unit (NYSE:GE) GE Energy Financial Services and Welspun Renewables Energy Pvt. Ltd. (WREPL) announced today a partnership to expand solar energy generation in India. GE Energy Financial Services is making its first investment in a solar power project in India, funding US $24 million for a 151 (DC)-megawatt solar photovoltaic power project that WREPL, one of India’s leading clean energy generating companies, put into operation in August 2013, almost eight months ahead of schedule. The Neemuch project – one of the world’s largest solar plants – powers 624,000 homes and mitigates an estimated 216,372 tons of carbon emissions annually.
The project, part of WREPL’s 308 (DC)-megawatt operational solar portfolio, is located on an 800-acre site in Neemuch, which sits on a 500-meter-high barren land ridge in the Indian state of Madhya Pradesh. The site receives among the highest levels of irradiation in India. WREPL’s project has reached a capacity utilization factor of 26 percent, among the country’s top generating projects.
Power from the project is sold to the Madhya Pradesh state utility, helping the country meet its target of 20 percent energy generation from renewable sources by 2020.
Mr. Vineet Mittal, Vice Chairman, Welspun Renewables Energy Pvt. Ltd., said, “Welspun Renewables has established itself as the leading solar generator in the country. We have been working to empower the country through our efficient solar energy projects, which will help meet the country’s energy requirements in a sustainable manner. We are excited to work with GE. The combination of our renewable project development expertise and GE’s financial strength and risk management will help achieve the ambitious goals set by the government to expand the use of renewable energy in India.”
Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services, added, “With its geography, strong economic growth and commitment from the highest levels of government, India has gained incredible potential for the development of solar power. Our investment in Welspun Renewables’ solar project helps to realize that potential. WREPL’s history of developing benchmark projects ahead of schedule and with high generation power output helps us expand globally across the energy spectrum and meet the world's energy needs.”
With this transaction, GE Energy Financial Services has exceeded US $10 billion in cumulative renewable energy investment commitments worldwide, including US $1.8 billion in solar power commitments in seven countries. The GE unit is one of the world’s largest investors in renewable energy projects, offering flexible financial structures ranging from common and preferred equity to debt and acquisition finance. More details can be found here.
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