IGI Logo

Multinational conglomerate GE and Continuum Green Energy (India) closed the financial deal of GE Energy Financial Services' acquisition of a 49 per cent stake in Continuum's 148.5 megawatt Morjar onshore wind project in Gujarat, it said in a statement on Wednesday.

Continuum sells renewable energy to power distribution companies, commercial and industrial customers in India.

Till date, GE's arm GE Energy Financial Services has invested in several projects in India, enabling over one gigawatt of renewable energy projects across various states including Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.

This investment demonstrates the company's ability to provide financial solutions to sophisticated customers like Continuum, in support of the energy transition initiative. Furthermore, it offers the potential to enable future renewable energy opportunities as the financing solution can be replicated across India as well as the global market, the statement added.

"Providing a bespoke financing product to a strategic customer strengthens GE's partnership to continue to deliver accessible, affordable and reliable renewable energy across India to support the country's decarbonisation and renewable energy targets," said Gaurav Raniwala, Global Renewable Energy Leader at GE Energy Financial Services.

The Morjar project will be equipped with GE Renewable Energy's 2.7-132 onshore wind turbines. GE will supply, install and commission 55 units. The 148.5 MW project is expected to reach full commercial operations in June 2022. Upon completion, the Morjar onshore wind farm will provide power to local communities up to the equivalent of 125,000 households in India.