April 24, 2014
GE unit (NYSE:GE) GE Energy Financial Services and Welspun Renewables Energy Pvt. Ltd. (WREPL) announced 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.
Click here to see a photo of this project.
About Welspun Renewables Energy Pvt. Ltd.
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.
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.
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.
For more information:
Contact person: Rachana Panda
For GE India
Tel: +91 124 4808000
Contact person: Andy Katell
For GE Energy Financial Services