GE unit (NYSE: GE) GE Energy Financial Services has invested equity in three Atria Power wind projects under construction in India, supporting GE’s commitment to invest USD $1 billion annually in renewable energy projects worldwide. The wind farms will have a combined capacity of 126 megawatts and will support the Indian Ministry of New and Renewable Energy’s program to generate competitively priced grid-interactive wind power through feed-in tariffs. Financial details were not disclosed.
Located in Ananthapur district of Andhra Pradesh, the 25.6-megawatt first project is expected to reach commercial operations in September. The two other projects, each 50 megawatts, are located in Betul district of Madhya Pradesh, and are expected to reach commercial operations in December and June 2015 respectively. Off-take arrangements for the projects have not yet been finalized.
The projects will use GE 1.6-87.5 wind turbines, serviced by GE under an operations and maintenance agreement, to generate 76 megawatts of the total capacity. Additional turbines will be supplied and serviced by another manufacturer to generate 50 megawatts. Atria Power is managing construction and operations.
“GE’s global experience, financial structuring capabilities and commitment to advanced technology complements our strategy to develop low-cost renewable energy projects with maximum energy output,” said Sunder Raju, Director at Atria Power.
Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services, added, “Partnering with Atria Power, a strong and accomplished regional energy player, accelerates our global growth and India wind portfolio.”
GE Energy Financial Services is one of the world’s biggest investors in wind power, with a portfolio of projects spanning nine countries and a capacity totaling more than 13 gigawatts in operation or under construction.
Kin Advisors was the exclusive advisor to Atria Power on this transaction. Atria Power has a 125-megawatt renewable energy portfolio, and plans for an additional 700-megwatts in wind and solar. These latest farms will help India meet its target of 20 percent energy generation from renewable sources by 2020.
Atria is one of the pioneers in SHP in India. The Company is also investing in building indigenous technology to develop CSP with the goal of achieving grid parity.The Company is building a de-risked portfolio both in terms of renewable energy sources of wind, hydropower and CSP assets as well geographical diversification and intends to increase the installed capacity by developing new Greenfield assets as well brownfield expansion.
With a core belief in sustainability both operationally and environmentally, Atria endeavours to be a responsible business playing an important role in the community beyond its role in the power generation industry. The Company maintains a continuous involvement in localised projects and community programmes which centre on education, health and wellbeing, environmental stewardship and improving rural infrastructure.
GE Energy Financial Services—GE’s energy investing business—works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, USA, GE Energy Financial Services holds approximately US $16 billion in assets.
Present in India since 1902, GE works to innovate, partner and develop technology solutions in energy, healthcare, infrastructure and financial services that improve the quality of life in the country. With over 13,000 employees, GE’s imagination is taking the nation to the future with ideas designed and developed in India – for India and for the rest of the world.
With more than 5,300 technologists, GE’s research centers in Bangalore, Hyderabad, Mumbai and Chennai are developing new technologies for both India and the world while the 13 local manufacturing facilities bring products, services and technologies closer to the customers. GE in India has partnered with a number of Indian companies to develop localized solutions, meeting the needs of the country. Committed to social development across the world, GE in India is closely engaged with local communities on social and environmental issues.