GE Energy Financial Services has agreed to invest $24m in a 151 (DC) MW DC solar photovoltaic power project built by Welspun Renewables Energy in Madhya Pradesh, India.

Located on an 800-acre site in Neemuch, the project is part of Welspun Renewables’ 308 (DC) MW operational solar portfolio.

The Neemuch project will be capable of generating enough electricity for about 624,000 homes and reduce an estimated 216,372 tons of carbon emissions annually.

GE said power generated from the project will be sold to the Madhya Pradesh state utility, helping the country meet its target of 20% energy generation from renewable sources by 2020.

Welspun Renewables Energy vice chairman Vineet Mittal said the company has been working to empower India through its solar energy projects, which will help meet the country’s energy requirements in a sustainable manner.

"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 said.