GE Renewable Energy has acquired a 49% stake in the Indian independent power producer Continuum Green Energy’s 148.5MW Morjar onshore wind project in Gujarat, India.
This transaction marks GE Energy Financial Services’ first onshore wind equity investment in the state of Gujarat, a deal that will add to the over one gigawatt of renewable energy projects across various states In India.
The Morjar project will be equipped with 55 GE 2.7-132 onshore wind turbines which will provide power for 125,000 households.
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The 2.7-132 wind turbine is well-suited for India’s low wind speeds, according to GE. Product design will take place primarily at GE’s Technology Center in Bengaluru, blade manufacturing in GE’s plants in Vadodara and assembly at the GE facility in Pune.
It is planned to reach full commercial operation in June 2022.
Gaurav Raniwala, global renewable energy leader, GE Energy Financial Services, said: “Providing a bespoke financing product to a strategic customer strengthens GE’s partnership to continue to deliver accessible, affordable and reliable renewable energy across India to support the country’s decarbonisation and renewable energy targets…”
India has a burgeoning renewables market supported by the government’s target of 500GW by 2030. In 2021, GE Renewable Energy secured over 1.2GW orders in India.
Arvind Bansal, Continuum Green Energy’s CEO, said: “The Morjar onshore wind investment through GE EFS is a marquee transaction that can be replicated to enable future development of wind and hybrid projects in India. We are proud to partner with GE EFS through bespoke energy financing and renewables technology to continue to accelerate efforts to help support customers in the energy transition.”
