GE unit acquires minority stake in 148-MW wind project in India
2.75-120 wind turbine; Source: GE Renewable Energy
GE Energy Financial Services has purchased a 49% interest in a 148.5-MW onshore wind project in the Indian state of Gujarat owned and developed by Continuum Green Energy.
The General Electric (NYSE:GE) subsidiary is buying into the Morjar project a year after the US conglomerate’s renewables arm secured a turbine supply contract for that same wind park.
While the value of the stake purchase agreement was not disclosed, officials aware of the development have told the Economic Times that the deal size amounts to USD 30 million (EUR 28.7m).
The project in question consists of 55 of GE Renewable Energy’s 2.7-132 onshore wind turbines. It was won by Continuum Green Energy during the tranche-VI auction of wind projects held by Solar Energy Corporation of India (SECI) and will sell its output under a 25-year contract.