Companies

GE to invest $50 m in renewable energy venture

M. Somasekhar Hyderabad | Updated on October 10, 2011

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.

Published on October 10, 2011

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