5:52 pm - Thursday November 19, 2015

General Electric Invests $24 Million In Solar

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GE Energy Financial Services, a unit of General Electric, and Welspun Renewables Energy Pvt. Ltd. (WREPL) have entered into a partnership to expand solar power generation in India.

In its first investment in a solar power project in the country, GE Energy Financial Services is funding US$ 24 million for a 150 MW solar photovoltaic (PV) power project that WREPL put into operation in August 2013 at Neemuch in Madhya Pradesh, almost eight months ahead of schedule.

The 150 MW solar power project worth INR 1,185 crores is owned and operated by Welspun Renewable Energies (WREPL). The project has INR 885 crores of debt and rest as equity.

The project, part of WREPL’s 308 MW operational solar portfolio, is located on an 800 acre site in Neemuch, which sits on a 500 meter high barren land ridge. Power generated at one of the largest solar power projects in the world is enough to power 6,24,000 homes and mitigates an estimated 216,372 tonnes of carbon emissions annually. The power generated at the site is sold to the Madhya Pradesh state utility.

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