GE Energy to invest $24 mn in Welspun's MP solar project

US-based GE Energy Financial Services today announced that it would extend funding to the extent of $24 million for Welspun Renewable Energy's 151 MW solar photovoltaic power project in India.

"GE Energy Financial Services is making its investment in a solar power project in India, funding $24 million for a 151 MW solar photovoltaic power project at Neemuch in Madhya Pradesh," a statement from the company said.

The 151 MW Neemuch project was launched in August 2013 by Welspun Renewables Energy (WREPL). It powers 624,000 homes and saves an estimated 216,000 tonnes in carbon emissions annually.

Power from the project is sold to the Madhya Pradesh state utility, the statement said.

A part of WREPL's 308 MW operational solar portfolio, the Neemuch project is located on an 800-acre site atop a 500 metre-high barren land ridge. The site receives among the highest levels of irradiation in India.

"Welspun Renewables' 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," Raghuveer Kurada, business leader for India and Southeast Asia at GE Energy Financial Services said.