News Brief | November 2011
GE to invest in Indian wind power segment
General Electric (GE) Financial Services will invest $50 million to form a joint venture with Indian clean energy developer Greenko Group for 500 MW of wind energy projects in India. The deal represents GE's first renewable energy investment in India. It will develop 500 MW of wind power at an investment of Rs 563 crore. The company said that the planned 500 MW of wind power can generate enough energy to provide for 875,000 Indian households. As per estimates, less than 25 per cent of India's estimated wind potential of 45,000 MW has been harnessed. The venture, Greenko Wind Project, a subsidiary of Greenko, 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 GW of wind, small hydro and biomass projects by 2017. The company's present operational capacity is 183 MW. The new venture will develop another 500 MW later and 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.
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