GE Energy Financial Services and Greenko Group plc on Monday announced having joined hands to form a joint venture to develop and invest in new upcoming wind energy projects across India.
While GE will invest $50 million to support the development of 500 MW of wind power projects out of Greenko's planned development of one gigawatt of wind projects in India, Greenko has committed $65 million for the new joint venture that has been created under the brand name of Greenko, known as Greenko Wind Project Private Limited.
“This investment expands GE's presence in one of the world's fastest growing power markets with a local, proven renewable energy developer,” Raghuveer Kurada, Managing Director at GE Energy Financial Services, said. 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 Maharashtra, Andhra Pradesh, Karnataka and Rajasthan. The first project of 65 MW at Ratnagiri wind farm in Maharashtra is planned for completion in December and will use GE's 1.6 MW turbines. The wind turbines, specifically designed for low and medium wind speeds, will be assembled at GE's facility in Pune. Once operational, a 500 MW wind portfolio could generate enough renewable electricity to power 8.75 lakh average Indian households and displace 7 lakh tonnes a year of greenhouse gas emissions, the equivalent of taking 1.37 lakh average U.S. cars off the road.
“Wind power is an increasingly important part of the Indian energy market, and through our partnership with GE we are well positioned to play an important role in helping to meet the country's energy needs with clean power using advanced technology,'' Anil Kumar Chalamalasetty, CEO and MD of Greenko said.
