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GE and Continuum Green Energy (India) Pvt Ltd or a company majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Inc, announced financial close of GE Energy Financial Services’ (GE EFS) acquisition of a 49% stake in Continuum’s 148.5 megawatt (MW) Morjar onshore wind project in Gujarat, India.
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.
This transaction marks GE EFS’ first onshore wind equity investment in the state of Gujarat through a structured preferred equity solution. 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.
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.”
The Morjar project will be equipped with GE Renewable Energy’s 2.7-132 onshore wind turbines. GE will supply, install and commission 55 units. 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, India.
India is a significant and sizeable renewables energy market that is underpinned by strong government support with a 500 GW renewable energy target by 2030. 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.
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.
Arvind Bansal, CEO, Continuum Green Energy, said “The Morjar onshore wind investment through GE EFS is a marquee transaction that can be replicated to enable future development of wind and hybrid projects in India. We are proud to partner with GE EFS through bespoke energy financing and renewables technology to continue to accelerate efforts to help support customers in the energy transition.”
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.