GE Energy Financial Services says it has formed an agreement with India-based Greenko Group PLC to invest in a new venture to develop wind energy projects across India.
The GE unit will invest $50 million – its first renewable energy investment in India – to support the development of 500 MW of wind projects out of Greenko's planned 1 GW wind portfolio in India. Greenko has committed $65 million for the venture, a newly created subsidiary of Greenko, known as Greenko Wind Project Private Ltd.
Greenko is currently developing a pipeline of wind projects in the Indian states of Maharashtra, Andhra Pradesh, Karnataka and Rajasthan, which the new venture will own. The first project, the 65 MW Ratnagiri wind farm in Maharashtra, is planned for completion in December and will use GE's 1.6 MW turbines. The wind turbines, which are specifically designed for low and medium wind speeds, will be assembled at GE's facility in Pune, India.