- GE Energy Financial Services’ First Investment in India’s Solar
Power Market
- WREPL Expands Its Solar Portfolio
NEEMUCH, India -- (Business Wire)
GE unit (NYSE:GE) GE Energy Financial Services and Welspun Renewables
Energy Pvt. Ltd. (WREPL) announced today a partnership to expand solar
energy generation in India. GE Energy Financial Services is making its
first investment in a solar power project in India, funding US $24
million for a 151 (DC)-megawatt solar photovoltaic power project that
WREPL, one of India’s leading clean energy generating companies, put
into operation in August 2013, almost eight months ahead of schedule.
The Neemuch project – one of the world’s largest solar plants – powers
624,000 homes and mitigates an estimated 216,372 tons of carbon
emissions annually.
The project, part of WREPL’s 308 (DC)-megawatt operational solar
portfolio, is located on an 800-acre site in Neemuch, which sits on a
500-meter-high barren land ridge in the Indian state of Madhya Pradesh.
The site receives among the highest levels of irradiation in India.
WREPL’s project has reached a capacity utilization factor of 26 percent,
among the country’s top generating projects.
Power from the project is sold to the Madhya Pradesh state utility,
helping the country meet its target of 20 percent energy generation from
renewable sources by 2020.
Mr. Vineet Mittal, Vice Chairman, Welspun Renewables Energy Pvt. Ltd.,
said, “Welspun Renewables has established itself as the leading solar
generator in the country. We have been working to empower the country
through our efficient solar energy projects, which will help meet the
country’s energy requirements in a sustainable manner. We are excited to
work with GE. 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.”
Raghuveer Kurada, business leader for India and South East Asia at GE
Energy Financial Services, added, “With its geography, strong economic
growth and commitment from the highest levels of government, India has
gained incredible potential for the development of solar power. Our
investment in Welspun Renewables’ solar project helps to realize that
potential. WREPL’s history of developing benchmark projects ahead of
schedule and with high generation power output helps us expand globally
across the energy spectrum and meet the world's energy needs.”
With this transaction, GE Energy Financial Services has exceeded US $10
billion in cumulative renewable energy investment commitments worldwide,
including US $1.8 billion in solar power commitments in seven countries.
The GE unit is one of the world’s largest investors in renewable energy
projects, offering flexible financial structures ranging from common and
preferred equity to debt and acquisition finance. More details can be
found here.
Editor’s Note:
Photo of this project is available, here.
About Welspun Renewables Energy Pvt. Ltd.: (www.welspunenergy.com
)
Welspun Renewables Energy Pvt. Ltd. (WREPL) is a leading independent
developer of renewable energy projects with a vision of commissioning
1.75 GW of solar & wind projects. Within a short span, the clean energy
generator has pioneered solar power solutions, both in terms of plant
size and total installed capacity. Its power plants are among the
highest generating projects in the country and have been built ahead of
committed timelines, thereby helping the country meet its renewable
energy targets. WREPL holds the distinction of winning and operating one
of the world’s largest solar projects of 151 (DC) MW. Through its strong
commitment to triple bottom line, WREPL is working for underserved
communities in area of education, empowerment & healthcare. It is
presently mitigating over 397,745 tons of CO2 emissions annually.
About GE Energy Financial Services
GE Energy Financial Services—GE’s energy investing business—works as a
builder, not just a banker, to help meet the world’s power and fuel
needs. We offer more than money—expertise—for essential, long-lived and
capital-intensive power, oil and gas infrastructure—GE’s core business.
Drawing on GE’s energy technical know-how, financial strength and risk
management, we see value where others don’t and take on our customers’
toughest challenges with flexible equity and debt transaction
structures. Based in Stamford, Connecticut, GE Energy Financial Services
holds approximately US $16 billion in assets. More information: www.geenergyfinancialservices.com.
Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ
About GE in India
Present in India since 1902, GE works to innovate, partner and develop
technology solutions in energy, healthcare, infrastructure and financial
services that improve the quality of life in the country. With over
13,000 employees, GE's imagination is taking the nation to the future
with ideas designed and developed in India – for India and for the rest
of the world.
With more than 5,300 technologists, GE's research centers in Bangalore,
Hyderabad, Mumbai and Chennai are developing new technologies for both
India and the world, while the 13 local manufacturing facilities bring
products, services and technologies closer to customers. GE in India has
partnered with a number of Indian companies to develop localized
solutions, meeting the needs of the country. Committed to social
development across the world, GE in India is closely engaged with local
communities on social and environmental issues. For more information,
visit www.ge.com/in.
About GE
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
Disclaimer:
The information in this release has been included in good faith and is
for general purposes only. It should not be relied upon for any specific
purpose and no representation or warranty is given as regards to its
accuracy or completeness. No information in this press release shall
constitute an invitation to invest in Welspun Renewables Energy Pvt.
Ltd. or any of its affiliates. Neither Welspun Renewables Energy Pvt.
Ltd., nor their or their affiliates' officers, employees or agents shall
be liable for any loss, damage or expense arising out of any action
taken on the basis of this press release, including, without limitation,
any loss of profit, indirect, incidental or consequential loss.
Contacts:
For Welspun Renewables Energy:
Ms. Amrita Pai, + 91 (022)
61408028
Handphone: 08879684952
amrita.pai@welspun.com
or
For
GE India:
Rachana Panda, +91 124 4808000
rachana.panda@ge.com
or
For
GE Energy Financial Services:
Andy Katell, +1-203-961-5773
Source: GE Energy Financial Services
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