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Greenko
Group PLC (GKO.LN), the Indian clean energy firm, has announced that a newly
created wind holding company, Greenko Wind Project Private Limited (GWPP),
which is a subsidiary of Greenko, has entered into an agreement with the
US-based GE Energy Financial Services, a subsidiary unit of General Electric
(GE), whereby GE will invest $50 million to support the development of the
initial 500MW of wind energy projects of Greenko. This is part of Greenko’s
planned development of 1GW of wind energy projects across India. Greenko itself
has committed US$65 million for the venture.

 

In
an official statement, Raghuveer Kurada, managing director and leader of India at
GE Energy Financial Services, said, ‘This investment expands GE’s presence in
one of the world’s fastest growing power markets with a local, proven renewable
energy developer. In addition to capital, GE Energy Financial Services brings
deep wind and other renewable energy expertise gained by building a US$6
billion portfolio of renewable energy investments worldwide.’

 

‘Wind
power is an increasingly important part of the Indian energy market, and
through our partnership with GE, a global energy leader, we are well positioned
to play an important role in helping to meet the country’s energy needs with
clean power using advanced technology,’ was the statement from Anil Kumar
Chalamalasetty, CEO and Managing Director of Greenko.

 

Greenko
is currently developing a 500MW pipeline of wind projects in the states of
Maharashtra, Andhra Pradesh, Karnataka, and Rajasthan. The 65-megawatt
Ratnagiri wind farm in Maharashtra is the first project and scheduled for
completion in December this year. It will use GE’s 1.6-megawatt turbines, to be
assembled at GE’s facility in Pune, Maharashtra.

 

Once
operational, it is estimated that a 500MW wind portfolio will be able to
generate enough renewable electricity to power 875,000 Indian homes and
displace 700,000 tonnes of annual greenhouse gas emissions (according to a
statement on GE’s website). Greenko estimates that with an average growth rate
of 30 per cent, wind energy is the fastest growing clean energy source in
India. The company assesses that less than 25 per cent of the country’s wind
energy potential – estimated at 45,000MW – has been harnessed to date.

 

Formed
in 2006, London Stock Exchange-listed Greenko operates 183MW of contracted
energy capacity across India, including seven hydroelectric power, six biomass,
and one gas/liquid fuel-based plant. It has 1,600MW of projects under
development, including 1,000MW of wind projects. The goal is to reach 1GW of
operational capacity by 2015. On 7 October 2011, Greenko shares closed at
GBP1.515 valuing the company at GBP215 million.