GE Acquires 49% Stake in Support of the Energy Transition in India in Continium Onshore Wind Farm

#GE #ContiniumOnshoreWindFarm #EnergyTransition

Source: GE

“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.” - Gaurav Raniwala, Global Renewable Energy Leader, GE Energy Financial Services

June 2022 : GE (NYSE: GE) and Continuum Green Energy (India) Pvt Ltd or "Continuum", an organization greater part possessed by a worldwide framework store oversaw by Morgan Stanley Infrastructure Inc, reported monetary close of GE Energy Financial Services' (GE EFS) securing of a 49 percent stake in Continuum's 148.5 megawatt (MW) Morjar coastal breeze project ("Morjar") in Gujarat, India.

Until now, GE EFS has put resources into a few undertakings in India, empowering more than one gigawatt (GW) of environmentally friendly power projects across different states, including Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.

This exchange marks GE EFS' first coastal breeze value interest in the province of Gujarat through an organized favored value arrangement. The speculation exhibits GE EFS' capacity to give monetary answers for refined GE clients, similar to Continuum, on the side of energy progress. Moreover, it offers the possibility to empower future environmentally friendly power open doors as the funding arrangement can be duplicated across India as well as the worldwide market.

Gaurav Raniwala, Global Renewable Energy Leader, GE Energy Financial Services, said: “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. We look forward to furthering the partnership with Continuum on future renewables projects with GE’s innovative financing and technology solutions.”

The Morjar venture will be furnished with GE Renewable Energy's 2.7-132 inland wind turbines. GE will supply, introduce and commission 55 units. The 148.5 MW project is supposed to arrive at full business tasks in June 2022.

Upon consummation, Morjar coastal breeze ranch will give capacity to nearby networks up to what might be compared to 125,000 families in India. GE Renewable Energy as of late provided 37 units of its 2.7-132 coastal breeze turbines to Continuum's 240 MW wind-sunlight based crossover project in Gujarat, India.

“The Morjar onshore wind investment through GE EFS is a marquee transaction that can be replicated to enable future development of wind and hybrid projects in India. We are proud to partner with GE EFS through bespoke energy financing and renewables technology to continue to accelerate efforts to help support customers in the energy transition,” was said by Arvind Bansal, CEO, Continuum Green Energy.

India is a critical and sizable renewables energy market that is supported with a 500 GW sustainable power focus by 2030. In 2021, GE Renewable Energy got over 1.2 GW orders in India, making it the biggest breeze turbine unique hardware maker and provider in the country.

GE will keep on solidifying its monetary administrations abilities in the Indian renewables market through its organization with Continuum, a main India-centered environmentally friendly power bunch, which has a portfolio limit of 4 GW containing 855.4 MW of functional limit, 444.4 MW under development and 2.7 GW being worked on.

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