GE in debut Indian solar investment

GE Energy Financial Services has made its first investment in the Indian solar sector – and said it expects to back renewables projects globally with more than $1bn annually.

The energy investment arm of the US industrial giant will put $24m into a 151MW PV plant developed by local group Welspun Energy.

Operating since August 2013, the Neemuch project is located on a 500-metre-high ridge in the Indian state of Madhya Pradesh, which GE said enjoys some of the country’s best insolation levels, helping the plant become one of its best performing. The array sells its power to the state’s utility.

Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services, said: “With its geography, strong economic growth and commitment from the highest levels of government, India has gained incredible potential for the development of solar power.”

News of the Indian investment came as GE Energy Financial Services announced its global commitments to renewables have passed the $10bn mark.

A statement said: “GE Energy Financial Services expects it will continue to invest more than $1bn annually in wind, solar, and other renewable energy projects, its fastest–growing energy sector and one that often facilitates sales of GE's energy technology.”