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.
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.