New Delhi, June 15 -- GE on Wednesday announced the acquisition of a 49% stake in Continuum Green Energy (India) led 148.5 megawatt (MW) Morjar onshore wind project in Gujarat. The acquisition marks GE's first onshore wind equity investment in the state through a structured preferred equity solution.
In a statement, GE said the investment demonstrates GE EFS' ability to provide financial solutions to sophisticated GE customers, like Continuum, in support of the energy transition.
GE carried out the acquisition through GE Energy Financial Services ("GE EFS"). To date, GE EFS has invested in several projects in India, enabling over one gigawatt (GW) of renewable energy projects across various states, including Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh, and Gujarat.
Gaurav Raniwala, Global Renewable Energy Leader, GE Energy Financial Services, said, "Providing a bespoke financing product to a strategic customer strengthens GE's partnership to continue to deliver accessible, affordable, and reliable renewable energy across India to support the country's decarbonisation and renewable energy targets."
Raniwala added, "We look forward to furthering the partnership with Continuum on future renewables projects with GE's innovative financing and technology solutions."
Notably, the Morjar onshore wind project is equipped with GE Renewable Energy's 2.7-132 onshore wind turbines.
Further, GE will supply, install and commission 55 units.
The expects to reach full commercial operations of the 148.5 MW project by this month-end.
Post completion, the Morjar onshore wind farm will provide power to local communities up to the equivalent of 125,000 households in India.
Recently, GE Renewable Energy has supplied 37 units of its 2.7-132 onshore wind turbines to Continuum's 240 MW wind-solar hybrid project in Gujarat, India.
As per the statement, GE's 2.7-132 wind turbine has proven to be the technology of choice for many customers in India due to its industry-leading performance at India's low wind speeds. The project will leverage GE's significant local footprint in India with product design taking place primarily at GE's Technology Center in Bengaluru, blades manufactured in GE's plants in Vadodara, and assembly at the GE multi-modal manufacturing facility in Pune.
Arvind Bansal, CEO of Continuum Green Energy, said, "The Morjar onshore wind investment through GE EFS is a marquee transaction that can be replicated to enable future development of wind and hybrid projects in India. We are proud to partner with GE EFS through bespoke energy financing and renewables technology to continue to accelerate efforts to help support customers in the energy transition."
Last year, GE secured over 1.2 GW orders in India, making it the largest wind turbine original equipment manufacturer and supplier in the country.
The latest acquisition showcases GE EFS' ability to provide financial solutions to sophisticated GE customers, like Continuum, in support of the energy transition. Adding the company stated that it offers the potential to enable future renewable energy opportunities as the financing solution can be replicated across India as well as the global market.
GE will continue to cement its financial services capabilities in the Indian renewables market through its partnership with Continuum, which has a portfolio capacity of 4 GW comprising 855.4 MW of operational capacity, 444.4 MW under construction, and 2.7 GW under development, the statement said.
India is a significant and sizeable renewable energy market that is underpinned by strong government support with a 500 GW renewable energy target by 2030, GE stated.
Continuum Green Energy is backed by Morgan Stanley managed US$ 4 bn, North Haven Infrastructure Partners I fund is an independent power producer in India with 1,300 MW of operational/nearly operational projects and an additional 1,172 MW of near-term construction portfolio. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at firstname.lastname@example.org