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.
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.
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.”