GE, Greenko to develop India wind power projects
Expanding GE’s footprint in India and its connection with one of the country’s fastest-growing clean energy developers, 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 megawatts (MW) of wind projects out of Greenko’s planned development of one gigawatt 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 fastest-growing power markets with a local, proven renewable energy developer,” said Raghuveer Kurada, managing director and 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 metric tons per year of greenhouse gas emissions, the equivalent of taking 137,000 US cars off the road.
“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,” said Anil Kumar Chalamalasetty, CEO and Managing Director of Greenko.
Greenko estimates that, with an average growth rate of 30%, wind energy is the fastest-growing clean energy source in India. The company estimates that less than 25% 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% by 2020 and provided what Greenko believes is a strong and clear policy framework to support the continued expansion of renewable energy sources.
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