GE unit to invest $24M in Welspun's solar power project in India

By VCPOST Staff Reporter

Apr 25, 2014 06:29 AM EDT

GE Energy Financial Services, a division of General Electric Co, will pour $24 million into a solar power project in Neemuch, India, which has been running since August 2013. The plant was built by Welspun Renewables Energy Pvt Ltd, according to Live Mint.

Welspun vice chairman Vineet Mittal said of the deal with GE: "The combination of our renewable project development expertise and GE's financial strength and risk management will help achieve the ambitious goals set by the government to expand the use of renewable energy in India."

This latest deal brings GE Energy Financial Services' total renewable energy investment to more $10 billion. This amount includes a $1.8-billion commitment in solar power projects across seven countries, the report relayed.

The said project is located in Neemuch, Madhya Pradesh. This area has one of the highest irradiations levels in the country. The Neemuch project will power 6,240,000 homes around the area and mitigate as much as 216,372 tonnes of carbon per year, Live Mint reported.

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