The financial arm of GE has made its first investment in India's solar energy sector, providing $24 million of funding for the Neemuch photovoltaic (PV) project.
The financial arm of GE has made its first investment in India’s solar energy sector, providing $24 million of funding for the Neemuch photovoltaic (PV) project.
The financing for the 151 MW project is part of a new partnership between GE Energy Financial Services and Welspun Renewables Energy Pvt. Ltd (WREPL), an India-based clean energy company, to expand solar energy generation in India.
The Neemuch solar project was brought into operation in August 2013, almost eight months ahead of schedule. Located on an 800 acre site on a barren land ridge in the state of Madhya Pradesh, it is one of the world’s largest solar plants.
The region around Neemuch receives among the highest levels of irradiation in India and the projects has reached a capacity utilization factor of 25 per cent, according to GE.
WREPL has an operating PV portfolio of 308 MW in India. GE said in a statement that India had "incredible potential for the development of solar power" due to its geography, strong economic growth and high levels of government commitment to solar energy.
The investment by GE brings the firm’s cumulative renewable energy investment commitments worldwide to $10 billion.