General Electric Co. (GE) is investing $24 million in India's biggest solar power project.
GE's financial services unit reportedly footed the hefty bill, which will go toward the 151MW Neemuch project built by Welspun Renewable Energy, an Indian solar developer in Madhya Pradesh, according to PV-Tech.
"[GE] were keen on the Neemuch project specifically, as it was one of the world's largest plants - 151 MW," said Amrita Pai, spokeswoman for Welspun. "When [GE] had approached [Welspun ]- the project was not operational. The ticket size which [GE] wanted could not be achieved in smaller size projects."
Since last year, Neemuch has been operational and currently provides power to more than 620,000 homes.
The investment is GE's first in Welspun's plant, Bloomberg reported. GE said that it is looking to invest over $1 billion each year globally in renewable projects that promise "very significant returns."
"India has gained incredible potential for the development of solar power," said Raghuveer Kurada, business leader for India and South East India at GE Energy Financial Services. "Our investment in Welspun Renewables' solar project helps to realize that potential."
Vineet Mittal, Vice Chairman of Welspun, said the company hopes that the partnership "will help achieve the ambitious goals set by the government to expand the use of renewable energy in India," with Welspun and GE "working to empower the country," through efficient solar energy projects, "which will help meet the country's energy requirements in a sustainable manner," PV-Tech reported.
Kurada said the investment in India's solar power projects should help GE gain more international business and help "meet the world's energy needs."
India is looking to bring in $11.7 billion of investment for the expansion of solar energy projects by 2017, Bloomberg reported. GE said it has invested $10 billion in solar and wind energy projects.
Mittal said it cost a total of 11.8 billion rupees ($194 million) to build the plant. GE will give money to Welspun for new projects as it looks to double capacity to 60 megawatts by this year's end.
