GE Energy Financial Services and Greenko Group will together invest in a new venture to develop wind energy projects across India.
The GE unit will invest $50 million – its first renewable energy investment in India – to support the development of 500 mw of wind projects out of Greenko’s planned development of 1 GW of wind projects in India. Greenko has committed $65 million for the venture, which will be known as Greenko Wind Project.
“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 & Leader of India at GE Energy Financial Services.
“In addition to capital, GE Energy Financial Services brings deep wind and other renewable energy expertise gained by building a $6-billion portfolio of renewable energy investments worldwide.”
Greenko is currently developing a pipeline of wind projects in the Indian states of Maharashtra, Andhra Pradesh, Karnataka and Rajasthan, which the new venture 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.