The Morjar project will feature GE Renewable Energy (GERE)’s 2.7-132 onshore wind turbines and is expected to begin full commercial operations this month
General Electric (GE), through its unit Energy Financial Services (EFS), has completed the acquisition of a 49% stake in the 148.5MW Morjar onshore wind project in Gujarat, India, for an undisclosed sum.
GE EFS has acquired the stake from Continuum Green Energy (Continuum), which will retain the remaining 51% stake in the project.
Continuum is an India-focused renewable energy group, majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure.
A division within GE Capital, GE EFS provides financial and technological investment in energy infrastructure projects worldwide.
It has invested in more than 1GW of renewable energy projects in India, across Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.
The transaction marks GE EFS’ first onshore wind investment in the state of Gujarat and will be carried out through a structured preferred equity solution.
GE Energy Financial Services global renewable energy leader Gaurav Raniwala said: “Providing a bespoke financing product to a strategic customer strengthens GE’s partnership to continue to deliver accessible, affordable and reliable renewable energy across India to support the country’s decarbonisation and renewable energy targets.
“We look forward to furthering the partnership with Continuum on future renewables projects with GE’s innovative financing and technology solutions.”
The Morjar project will feature GE Renewable Energy’s (GERE) 2.7-132 onshore wind turbines, and GE will supply, install and commission 55 units.
The project is expected to begin full commercial operations this month.
Once completed, the 148.5MW onshore wind farm is anticipated to address the power requirements of local communities the equivalent of 125,000 households in India.
GERE has recently supplied 37 units of its 2.7-132 onshore wind turbines to Continuum’s 240MW wind-solar hybrid project in Gujarat, India.
Through the project, GE will gain a significant local footprint in India, where it will design the product at its Technology Centre in Bengaluru, manufacture blades in Vadodara plants, and assemble them at the GE multi-modal manufacturing facility in Pune.
Continuum Green Energy CEO Arvind Bansal said: “The Morjar onshore wind investment through GE EFS is a marquee transaction that can be replicated to enable future development of wind and hybrid projects in India.
“We are proud to partner with GE EFS through bespoke energy financing and renewables technology to continue to accelerate efforts to help support customers in the energy transition.”