GE Energy to invest $24m in Welspun's solar power project

GE Energy Financial Services today announced a partnership with Welspun Renewables Energy for funding the latter's 151 MW solar photovoltaic power project in India.

"GE Energy Financial Services is making its investment in a solar power project in India, funding $24 million for a 151 MW solar photovoltaic power project at Neemuch in Madhya Pradesh," an official statement said.

The 151 MW project was put into operation in August 2013 by Welspun Renewables Energy.

The Neemuch project powers 6.24 lakh homes and mitigates an estimated 2.16 lakh tonnes of carbon emissions annually.

Power from the project is sold to the Madhya Pradesh state utility, the statement said.

"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," Vineet Mittal, Vice Chairman, Welspun Renewables Energy said in the statement.

"Our investment in Welspun Renewables' solar project helps to realize that potential. Welspun Renewables' 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," Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sebi’s new listing norms should protect small investors

    There has been a long-standing debate on what should be the liability of individual promoters and directors in case a company does not meet its obliga

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Roopen Roy

Building smart cities the Indian way

Today more than half of the world’s population lives in ...

Rajgopal Nidamboor

The biology behind cultivated wisdom

We are our habits and our behaviour. We are our ...

Gautam Gupta

Why must innerwear be our best kept secret?

While women’s outerwear rules the marketing roost in India, unfortunately, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture