CORRECTED - GE to pour USD 50m in Greenko unit in India

Oct 11, 2011 - GE Energy Financial Services, a unit of US conglomerate General Electric (NYSE:GE), or GE, has agreed to invest USD 50 million (EUR 36.7m) in a new unit of green energy firm Greenko Group Plc (LON:GKO) that will develop wind energy projects in India.

India-focused Greenko has committed to invest USD 65 million in the newly established Greenko Wind Project Private Limited which will develop 500 MW of wind power projects, GE said in a statement yesterday.

Greenko Wind Project Private Limited will own a pipeline of wind projects currently under development by Greenko Group in the Indian states of Maharashtra, Andhra Pradesh, Karnataka and Rajasthan. The 65 MW Ratnagiri wind farm in Maharashtra is the first project of the pipeline. The wind farm will include 1.6 MW GE wind turbines to be assembled at GE's plant in India and is scheduled for completion in December.

The 500 MW of wind projects can produce enough electricity to power 875,000 homes and save 700,000 tonnes of carbon dioxide emissions a year, according to GE.

GE said this would be its first renewable energy investment in India.

(USD 1.0 = EUR 0.736)

Choose your newsletter by Renewables Now. Join for free!