Comments
GE will invest $50 million in its maiden project in renewable energy in India with Greenko Group, a green energy developer.
GE Energy Financial Services and Greenko will take up the development of wind energy projects up to 500 MW. Greenko has committed $65 million for the venture. It has also created a subsidiary called Greenko Wind Project Private Ltd.
Hyderabad-based Greenko Group has plans to develop upto one gigawatt (1,000 MW) of wind energy projects in India.
"This investment expands GE’s presence in one of the world’s fastest growing power markets with a local, proven renewable energy developer," said Raghuveer Kurada, Managing Director and leader of India at GE Energy Financial Services. Worldwide GE has a $6 billion portfolio of renewable energy investments.
Greenko is currently developing a pipeline of wind projects in Maharashtra, Andhra Pradesh, Karnataka and Rajasthan, which the new venture, an Indian holding company and Greenko subsidiary specifically set up to develop wind projects, will own.
The first project, the 65-MW Ratnagiri wind farm in Maharashtra, is planned for completion in December and will use GE’s 1.6-MW turbines. The wind turbines, specifically designed for low and medium wind speeds, will be assembled at GE’s facility in Pune, 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.