US diversified conglomerate General Electric is making its first renewable energy investment in India through its power finance arm GE Energy Financial Services and clean energy developer Greenko Group, with an investment of Rs565 crore ($115 million), in a greenfield venture to construct 500 megawatts of wind projects in India.
Greenko will create a new subsidiary known as Greenko Wind Project Private Limited, which will invest $65 million for the venture in which GE Energy Financial Services will invest another $50 million.
''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. ''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 Maharashtra, Andhra Pradesh, Karnataka and Rajasthan.
The first project, the 65-megawatt Ratnagiri wind farm in Maharashtra, is planned for completion in December and will use GE's 1.6-megawatt turbines, which will be assembled at GE's facility in Pune.
According to both companies, once operational, the 500-megawatt wind portfolio could generate enough renewable electricity to power 875,000 average Indian households and reduce 700,000 tonnes per year of greenhouse gas emissions, the equivalent of taking 137,000 average US cars off the road.