GE has acquired a 49% stake in a 149MW wind project in India, owned by Continuum Green Energy.
The Morjar project is equipped with GE Renewable Energy’s 2.7-132 wind turbines.
GE will supply, install and commission 55 units.
The 148.5MW project is expected to reach full commercial operations in June 2022.
The stake in the Morjar wind project, in Gujarat, is the latest GE Energy Financial Services as made in renewable energy projects in India, amounting to 1GW across various states, including Madhya Pradesh, Rajasthan and Karnataka.
Continuum is majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure.
The transaction marks GE EFS’ first onshore wind equity investment in the state of Gujarat through a structured preferred equity solution.
GE said 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 at 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.”