General Electric invests £14m in India’s largest solar plant
American multinational corporation invests in Welspun Energy plant that powers approximately 624,000 homes and offsets an estimated 216,372 tonnes of carbon emissions annually
General Electric (GE), the American multinational corporation, has invested £14 million ($24m) in India's largest solar power plant.
GE's financial services arm has made the investment in Welspun Energy's 151MW plant and it marks the company’s first foray into the Indian solar market.
The Neemuch project powers approximately 624,000 homes in the Indian state of Madhya Pradesh and offsets an estimated 216,372 tonnes of carbon emissions annually, according to GE.
GE Energy Financial Services has invested more than $10 billion into renewable energy, including $1.8 billion in solar power projects.
The company announced plans last week to invest more than $1 billion a year in renewable projects.
In the past three years India has gone from having virtually no solar power to becoming one of the world's largest solar markets and plans to attract $11.7 billion of investment by 2017 to expand capacity sixfold and help meet a national goal of producing 20 per cent of its energy from renewable sources by 2020.
Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services, said: "With its geography, strong economic growth and commitment from the highest levels of government, India has gained incredible potential for the development of solar power. Our investment in Welspun Renewables' solar project helps to realise that potential."
