GE’s unit invests $24 million in Welspun Renewable’s solar project
The development marks GE Energy Financial’s first investment in a solar power project in India
Marking its first investment in a solar power project in India, GE Energy Financial will fund a 151 (DC)-megawatt solar photovoltaic power project in Neemuch in Madhya Pradesh, that WREPL put into operation in August 2013, almost eight months ahead of schedule.
With this transaction, GE Energy Financial Services has made cumulative investments of over $10 billion in renewable energy worldwide, including $1.8 billion in solar power commitments in seven countries, GE company said in a statement.
“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,” said Vineet Mittal, vice chairman at WREPL.
Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services, said WREPL’s history of developing benchmark projects ahead of schedule and with high generation power output will help his company to expand globally across the energy spectrum.
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 Madhya Pradesh. The site receives among the highest levels of irradiation in India.
According to the website of WREPL, Neemuch project funding of Rs.880 crore was secured through a consortium of leading financial institutions. This project will enable powering of 6,24,000 homes and an estimated 216,372 tonnes of carbon will be mitigated annually.
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