GE Energy Financial Services Invests in Atria Power's Wind Farms in India
– Supports USD $1 Billion Annual Renewable Energy Investment Commitment
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.