GE Energy Financial Services has invested about INR2.57bn ($42.5m)in a 110MW Chuzachen hydro power project located in eastern part of Sikkim state in India through a share subscription agreement.
The INR11.88bn ($196.7m) project, which was commissioned in May 2013, was developed by Gati Infrastructure Private Limited to control the flow of water flowing from Rangpo and Rongli rivers, reported The Hindu Business Line.
Gati Limited founder and CEO Mahendra Agarwal was quoted by the news agency as saying, "With glacial melt and the perennial rivers, Sikkim has a peak potential capacity of 8,000 megawatts of hydro-electric power."
The Chuzachen project is equipped with turbines and generators of Alstom India Ltd.
IDFC acted as a lead financier of the project, while Capital Fortunes Private Limited served as the advisors and sole arrangers for this transaction.