GE acquires 49% stake in Continuum onshore wind farm in India

Delhi, India - GE and Continuum Green Energy (India) Pvt Ltd, a company majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Inc, announced financial close of GE Energy Financial Services’ (“GE EFS”) acquisition of a 49% stake in Continuum’s 148.5 megawatt (MW) Morjar onshore wind project (“Morjar”) in Gujarat, India.

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.

This transaction marks GE EFS’ first onshore wind equity investment in the state of Gujarat through a structured preferred equity solution.

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.

India is 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, 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.

Source: IWR Online, 15 Jun 2022