GE makes first green power investment in India

Greenko Group Plc, a London Stock Exchange’s Alternative Investment Market-listed renewable energy company, and GE (General Electric) Energy Financial Services will  develop 500 mw of wind power in India at an investment of $115 million (`563 crore), the latter announced on Monday.

The venture, called Greenko Wind Project Pvt Ltd, will be a subsidiary of Greenko, which will invest $65 million. GE will pump in the remaining $50 million.

The proposed 500 mw will be part of Greenko’s targeted installed capacity of 1.6 gigawatts (gw) of wind, small hydro and biomass projects by 2017. The company’s present operational capacity is 183 mw.

Mahesh Kolli, president & joint managing director, Greenko, said the new venture will develop another 500 mw at a later point in time.

The first project of the venture, a 65 mw wind farm at Ratnagiri in Maharashtra, is set for completion in the fourth quarter of this fiscal.

GE will supply turbines for 400 mw of Greenko’s planned wind power capacity.

Raghuveer Kurada, managing director and leader of India, GE Energy Financial Services, said the company, in addition to being a financial partner, will also provide technical assistance to the venture. He did not reveal the companies’ shareholding in the venture.

GE Energy has a total global investment portfolio of $20 billion, of which renewable energy accounts for $6 billion. “We hold equity investments in power projects that can produce nearly 30 gw, equivalent to the installed generating capacity of Norway. We’ve invested in more than 40,000 miles of natural gas pipelines,” the company mentions on its website.

GE Energy’s other major investment in the country is in Sayi Power ENergy, a majority shareholder in KSK Power Venture Plc.

As on March 31, India had an installed wind power capacity of 14,158 mw and is set to add 17,000 mw in the next five years. Greenko, founded in 2004 by Kolli and Anil Kumar Chalamalasetty and backed by private equity major TPG Capital, listed on AIM in 2007. Also listed on AIM is Angad Paul-promoted Mytrah Energy, formerly Caparo Energy, whose Indian subsidiary plans to install 5,000 mw of wind power capacity by 2017.