Published on July 29th, 2014 | by Joshua S Hill1
GE Set To Invest In Indian Wind Industry Towards $1 Billion Annually
July 29th, 2014 by Joshua S Hill
Energy monolith GE has announced that it will be investing equity in three Atria Power wind projects currently under construction in India — a move that goes a long way towards GE’s commitment to invest $1 billion annually in the global renewable energy industry.
The announcement was made by GE’s investment division, GE Energy Financial Services, which said in a statement that the investment will “support the Indian Ministry of New and Renewable Energy’s program to generate competitively priced grid-interactive wind power through feed-in tariffs.”
The three projects will have a combined capacity of 126 MW and are located in two locations — the first, 25.6 MW project is in the Ananthapur district of Andhra Pradesh; the other two projects, both 50 MW each, are to be located in the Betul district of Madhya Pradesh.
GE is also providing 76 MW worth of wind turbines that will be used on site, in tandem with an operations and maintenance agreement.
“GE’s global experience, financial structuring capabilities and commitment to advanced technology complements our strategy to develop low-cost renewable energy projects with maximum energy output,” said Sunder Raju, Director at Atria Power.
Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services, added: “Partnering with Atria Power, a strong and accomplished regional energy player, accelerates our global growth and India wind portfolio.”
India has long been in the news for its wind industry progress. Earlier this year, wind energy giant Gamesa announced it had reached 1,000 MW worth of commissioned capacity in the country, “thanks to a broad product range, tailored to the market’s specifics, and the company’s experience and know-how as wind farm developer.”
Furthermore, across the alley in the solar industry, India’s Jawaharlal Nehru National Solar Mission has long been the darling of the Asia-Pacific region’s solar industry, pushing solar development year after year, until India not only broke through the 2 GW barrier in late 2013, but managed to nearly double its solar power capacity that same year.
With the world’s second-largest population, India has long been in need of an easily distributable energy network that will power future generations well into the future, without the damaging health and environmental effects of traditional fossil fuels. As such, it has poured a lot of money and effort into renewable energy infrastructure and industries, which has left it as a region-wide and international market to watch.