India-based energy company the Greenko Group and GE Energy Financial Services, a corporate venturing unit serving US-based conglomerate General Electric, teamed up on Monday to commit $115m towards developing wind power projects in India. The new company, to be known as Greenko Wind Project Private, will operate as a subsidiary of Greenko.
The collaboration marks the first clean technology investment in India for GE Energy Financial Services, which contributed $50m. The first fruits of the collaboration is set to be a 65megawatt(mw) wind farm in the state of Maharashtra. Due for completion in December, it will use GE’s 1.6-megawatt turbines as part of its design.
The remaining $65m is coming from Greenko. The projects are expected to make up half of the one gigawatt of wind power output Greenko plans to develop in India. In addition to the Maharashtra project, Greenko is planning a pipeline of projects across the south and west of the country.
Raghuveer Kurada, managing director and leader of India at GE Energy Financial Services, said: "This investment expands GE’s presence in one of the world’s fastest growing power markets with a local, proven renewable energy developer. In addition to capital, GE Energy Financial Services brings deep wind and other renewable energy expertise gained by building a $6bn portfolio of renewable energy investments worldwide."
Founded in 2006, Greenko started trading on the London Stock Exchange the year after and currently operates hydroelectric, biomass and gas/liquid fuel-based plants in India with a combined contracted energy capacity of 183mw. Including the planned wind energy projects, Greenko has 1600mw worth of clean technology projects under development.