The GE unit has agreed to spend $50m to support the development of 500MW of wind projects out of Greenko’s planned development of 1GW of wind projects in the country.
Greenko has planned to invest $65m in the venture, a newly created subsidiary of the company known as Greenko Wind Project.
GE Energy Financial Services managing director and leader of India Raghuveer Kurada said in addition to capital, the company brings deep wind and other renewable energy expertise.
Greenko is currently developing a pipeline of wind projects in the Indian states of Maharashtra, Andhra Pradesh, Karnataka and Rajasthan, which the new venture set up to develop wind projects, will own.
