GE Energy Financial Services and Indian-based
Greenko Group have agreed to 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 fastestgrowing
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.
The wind turbines, which are specifically designed for
low and medium wind speeds, will be assembled at GE's
facility in Pune, India. Once
operational, a 500-mw wind portfolio
could generate enough renewable
electricity to power 875,000 Indian
households and displace 700,000 tonnes
per year of greenhouse gas emissions.
Greenko estimates that, with an
average growth rate of 30 per cent,
wind energy is the fastest-growing
clean energy source in India. The
company estimates that less than 25
per cent of the country's wind energy potential—
estimated at 45,000 mw—has been harnessed to date.
The Indian government has set a renewable energy target
of 15 per cent by 2020 and provided what Greenko
believes is a strong and clear policy framework to support
the continued expansion of renewable energy sources.