Comments
GE Energy Financial Services is making its first investment in a solar power project in India.
It is pumping $24 million into a 151-megawatt solar photovoltaic power project that Welspun Renewables Energy Pvt Ltd (WREPL) had put into operation in August last year.
The Neemuch project in Madhya Pradesh — one of the world’s largest solar plants — powers 624,000 homes and mitigates an estimated 216,372 tonnes of carbon emission annually.
High radiation This project is located on an 800-acre site in Neemuch, which sits on a 500-metre-high barren land ridge in Madhya Pradesh.
WREPL’s project has reached a capacity utilisation factor of 26 per cent. The site receives among the highest levels of radiation in India.
Power from the project is sold to the Madhya Pradesh state utility.
“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,” said Vineet Mittal, Vice-Chairman, WREPL.
Raghuveer Kurada, business leader for India and South-East Asia at GE Energy Financial Services, said GE Energy Financial Services’ investment in Welspun Renewables’ solar project will help realise the potential for the development of solar power in India.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.