GE arm buys 49% stake in Continuum's onshore wind project in Gujarat

GE Energy Financial Services, an arm of GE, has acquired a 49 per cent stake in Continuum Green Energy's 148.5 megawatt Morjar onshore wind project in Gujarat for an undisclosed sum.

This transaction marks GE EFS' first onshore wind equity investment in Gujarat through a structured preferred equity solution, the company said in a statement.

To-date, GE EFS has invested in several projects in India, enabling over one gigawatt (GW) of renewable energy projects across various states, including Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.

Continuum, majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Inc, continues to own 51 per cent in the project.

"Today, GE and Continuum Green Energy (India) Pvt Ltd... announced financial close of GE Energy Financial Services' (GE EFS) acquisition of a 49 per cent stake in Continuum's 148.5 MW Morjar onshore wind project in Gujarat," it said.

The Morjar project will be equipped with GE Renewable Energy's 2.7-132 onshore wind turbines.

GE will supply, install and commission 55 units.

The 148.5 MW project is expected to reach full commercial operations in June 2022, the statement said.

"Upon completion, the Morjar onshore wind farm will provide power to local communities up to the equivalent of 125,000 households in India," it said.

GE Renewable Energy recently supplied 37 units of its 2.7-132 onshore wind turbines to Continuum's 240 MW wind-solar hybrid project in Gujarat.

India has a significant and sizeable renewables energy market that is underpinned by strong government support with a 500 GW renewable energy target by 2030.

In 2021, GE Renewable Energy secured over 1.2 GW orders in India, making it the largest wind turbine original equipment manufacturer and supplier in the country.

"GE will continue to cement its financial services capabilities in the Indian renewables market through its partnership with Continuum, a leading India-focused renewable energy group, which has a portfolio capacity of 4 GW comprising 855.4 MW of operational capacity, 444.4 MW under construction and 2.7 GW under development," the statement added.

Gaurav Raniwala, Global Renewable Energy Leader, GE EFS, 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."

Arvind Bansal, CEO, Continuum Green Energy, said: "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.