GE unit GE Energy Financial Services and Welspun Renewables Energy (WREPL) have joined forces to expand solar energy generation in India.
GE Energy Financial Services will fund $24m for a 151 (DC)-megawatt solar photovoltaic power project, Neemuch, is located on an 800-acre site in Neemuch, which sits on a 500m-high barren land ridge in Madhya Pradesh, India.
The project, part of WREPL’s 308 (DC)-megawatt operational solar portfolio, was put into operation in August 2013 almost eight months ahead of schedule and powers 624,000 homes and mitigates an estimated 216,372 tons of carbon emissions annually.
Welspun Renewables Energy vice chairman Vineet Mittal said that the company has been working to help the country through efficient solar energy projects to meet its energy requirements in a sustainable manner.
"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," Mittal added.
Power generated by the project will be sold to Madhya Pradesh state utility, helping India meet its target of 20% energy generation from renewable sources by 2020.
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By GlobalDataGE Energy Financial Services India and South East Asia Business leader Raghuveer Kurada said, "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."
