Connect with us

Hi, what are you looking for?

GE Energy Financial Services will make a new investment in India’s renewable energy sector.

Clean Power

GE Energy Financial Services Will Invest $90 Million Into RattanIndia Solar

GE Energy Financial Services will make a new investment in India’s renewable energy sector.

Originally published on CleanTechies.

GE Energy Financial Services will make a new investment in India’s renewable energy sector.

RattanIndia Solar will receive a $90 million investment from GE Energy Financial Services to develop 500 megawatts of solar power capacity across India. The two companies shall jointly develop the capacity. GE Energy Financial Services will have a 51% share in the venture while the balance will be owned by RattanIndia Solar.

RattanIndia Solar, a subsidiary of the RattanIndia Group, has participated in several competitive solar power auctions in a number of states. GE Energy Financial Services has already made investments in 210 megawatts of solar power capacity owned by RattanIndia Solar. These projects are located in Rajasthan, Uttar Pradesh, Karnataka, and Maharashtra.

GE Energy Financial Services has made several investments in India in the past. Among the most significant was the acquisition of equity stake in a 156-megawatt solar project of Welspun Energy. The project was the largest solar power plant in India at the time of the deal.

RattanIndia Power was in the news last year when it announced plans to replace its planned coal-based power plant in Punjab with a large-scale solar power project.

RattanIndia Power is reportedly planning to use 324 hectares of land in the northern state of Punjab originally earmarked for a coal-based power plant to set up a 200 MW solar power plant.

The company has dropped plans for the coal-based power plant after it failed to receive assurance of domestic coal supply. The issue of consistent fuel supply has dogged Indian thermal power plants for years and importing coal from other countries has not solved the problem either.

Thermal power plants in India, especially those owned by private companies, continue to face coal supply and cost issues. Operators like Tata and Adani are facing increased imported coal prices and have been vying the regulators to increase their tariffs at a time when solar power tariffs have become cheaper than cost of thermal power.

Reprinted with permission.

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

An avid follower of latest developments in the Indian renewable energy sector.


You May Also Like

Clean Power

Rail in the US is a case where a huge transportation segment is deeply out of step with the rest of the world, and...

Clean Transport

2022 has been an exciting year for the Indian EV market. Hence it makes sense to take stock of things on where we are...


Although most vehicular traffic in India is two- and three-wheeled, it is still exciting to see the numbers of four-wheeled personal vehicles going electric...


As the world accelerates the transition to electric vehicles, it is important for the world’s largest markets to lead the way in terms of...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.