Boston, MA 04/25/2014 (wallstreetpr) – GE Energy Financial Services now partnered with Welspun Renewables Energy (WREPL) to expand the generation of solar power in India. The subsidiary of General Electric Company (NYSE:GE) is making an investment of $24 million for 151 MW solar PV power projects.
WREPL
WREPL, one of India’s leading independent clean energy providers, is currently working on the Neemuch project. The project considers as one of the world’s largest solar plants that will supply power to 624K homes and expects reduce ~217K tonnes of carbon emission per year. The project is likely to meet 20% of India’s renewable energy requirement by 2020.
India’s scope
The increasing demand for electricity in India will create huge potential for solar power and favorable government policies allow more investment to develop solar projects in coming years. AT Kearney also estimates that India’s solar market expects a $6.0 -$7.0 billion market for capital equipments.
Local players will play a major role in India’s solar business due to their dominating position in the downstream market. But, the execution of projects and financial support may delay the process. Therefore, it will create opportunities for solar venture that provide financing support to local players to manufacture and meet India’s energy requirement.
Benefit
The collaboration with General Electric Company (NYSE:GE) will have a significant impact for WREPL. GE’s financial support facilitates WREPL’s expertise in solar power that will help to improve its capital investment in India’s solar power.
In renewable energy projects, GE Energy Financial Services are one of the world’s largest investors that offer flexible financial options such as acquisition, equity and debt financing to energy providers. The unit now has $10 billion investment in renewable energy, including $1.8 billion of solar energy projects across seven countries.
General Electric Company (NYSE:GE)’s unit will continue to invest in renewable energy projects including solar, wind and other renewable sources to expand its global operation and facilitates sales of GE’s energy technology.
