GE Energy Financial Services To Invest $31 Million In Indian Wind Power Company
GE Energy Financial Services has announced its fourth investment in India. The new investment, like the ones before it, will be made in a renewable energy project.
Guayama P.R. Holdings, an investment vehicle of GE Energy Financial Services, will invest $31 million in a wind energy project located in the southern Indian state of Andhra Pradesh. The project is owned by Mytrah Energy, one of the leading renewable IPPs in India.
GE Energy Financial Services, through its subsidiary, will acquire a 49% stake in the special purchase vehicle of Mytrah Energy that owns the 200 MW project. A sum of $31 million will be invested to acquire this stake. The equity investment will be used for implementing the project.
GE Energy Financial Services entered the Indian market in 2011 when it made an equity investment in a 500 MW wind energy project owned by Greenko Energy Holdings. In 2014, the company made another equity investment in a 126 MW wind energy project owned by Atria Power.
Perhaps the most high-profile equity investment was the equity injection worth $24 million in what was the largest solar project in India at that time. GE Energy Financial Services acquired a stake in 151 MW (DC) solar project owned by Welspun Energy in 2014.
GE Energy Financial Services entered the renewable energy sector in 2006 starting with some debt financing to projects and companies. It made its first equity injection in renewable energy projects in 2013. Since then, the company has been an active investor across developed and developing markets. So far, the company has made financial commitments worth $9 billion for wind energy and $3 billion for solar power projects globally.
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