GE Energy Financial Services, a unit of General Electric Company (GE), has announced $24m investment in Welspun Renewables Energy’s Neemuch solar photovoltaic power project in India.
This funding marks GE Energy Financial Services’ first investment in an Indian solar power project. Located in Madhya Pradesh state, the 151MW (DC) Neemuch project is part of Welspun Renewables Energy ‘s 308MW (DC) operational solar portfolio.
The project, which began operations in August 2013, provides power to about 624,000 homes and reduces an estimated 216,372t of carbon emissions annually. It is selling power to the Madhya Pradesh state utility.
Welspun Renewables Energy vice chairman Vineet Mittal said that the company 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," Mittal added.
According to GE Energy Financial Services, the company with this transaction has exceeded $10bn in cumulative renewable energy investment commitments across the globe, including $1.8bn in solar power commitments in seven countries.