GE and Continuum Green Energy (India) Pvt Ltd or “Continuum”, a company majority-owned by Morgan Stanley Infrastructure Inc, announced financial close of GE Energy Financial Services’ (GE EFS) acquisition of 49 per cent stake in Continuum’s 148.5-mw Morjar onshore wind project in Gujarat.
First in Gujarat
This transaction marks GE EFS’ first onshore wind equity investment in Gujarat, through a structured preferred equity solution.
To-date, GE EFS has invested in several projects in India, enabling over 1 GW of renewable energy projects across various states, including Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.
Supporting energy transition
The investment demonstrates GE EFS’ ability to provide financial solutions to sophisticated GE customers, like Continuum, in support of the energy transition. Furthermore, it offers the potential to enable future renewable energy opportunities as the financing solution can be replicated across India as well as the global market.
Full operations soon
The Morjar project will be equipped with 55 units of GE Renewable Energy’s 2.7-132 onshore wind turbines. GE will supply, install. The 148.5-mw project is expected to reach full commercial operations in June 2022. Upon completion, Morjar onshore wind farm will provide power to local communities up to the equivalent of 125,000 households in India.
GE Renewable Energy recently supplied 37 units of its 2.7-132 onshore wind turbines to Continuum’s 240 mw wind-solar hybrid project in Gujarat.
Affordable renewable energy
Gaurav Raniwala, Global Renewable Energy Leader, GE Energy Financial Services, said: “Providing a bespoke financing product to a strategic customer strengthens GE’s partnership to continue to deliver accessible, affordable and reliable renewable energy across India to support the country’s decarbonisation and renewable energy targets. We look forward to furthering the partnership with Continuum on future renewables projects with GE’s innovative financing and technology solutions.”
Largest wind turbine OEM
In 2021, GE Renewable Energy secured over 1.2 GW orders in India, making it the largest wind turbine original equipment manufacturer and supplier in the country.
Local footprint
GE’s 2.7-132 wind turbine has proven to be the technology of choice for many customers in India due to its industry leading performance at India’s low wind speeds. The project will leverage GE’s significant local footprint in India with product design taking place primarily at GE’s Technology Center in Bengaluru, blades manufactured in GE’s plants in Vadodara and assembly at the GE multi-modal manufacturing facility in Pune.
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4-GW portfolio
GE will continue to cement its financial services capabilities in the Indian renewables market through its partnership with Continuum, a leading India-focused renewable energy group, which has a portfolio capacity of 4 GW comprising 855.4 mw of operational capacity, 444.4 mw under construction and 2.7 GW under development.
Featured photograph is for representation only