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General Electric's (GE) financial arm has made an agreement with the India-based Greenko Group to invest in a new venture that will develop wind energy projects in India.
GE Financial Services will spend $50m supporting the development of 500MW of wind projects from Greenko's planned portfolio of 1GW. Greenko has committed $65m through newly-created subsidy Greenko Wind Project Private.
Greenko is currently working on a pipeline of wind farms across four Indian states with the first, a 65MW facility in Maharashtra, planned for completion in December. The Ratnagiri wind farm will utilise GE's 1.6MW turbines which will be assembled at a factory in Pune, India.
Raghuveer Kurada, managing director and leader of India at GE Energy Financial Services, said, 'This investment expands GE's presence in one of the world's fastest growing power markets with a local, proven renewable energy developer. In addition to capital, GE Energy Financial Services brings deep wind and other renewable energy expertise gained by building a $6bn portfolio of renewable energy investments worldwide.'
Anil Kumar Chalamalasetty, CEO and Managing Director of Greenko, added, 'Wind power is an increasingly important part of the Indian energy market, and through our partnership with GE, a global energy leader, we are well positioned to play an important role in helping to meet the country's energy needs with clean power using advanced technology.'
GE has been expanding its international presence recently and last month the company announced it is entering the solar market in Brazil through a deal with MPX.
