GE invests in three wind projects in India

NEW DELHI: GE Energy Financial Services has bought stakes in three wind projects of Atria Power that will have a total capcacity of 126 MW when ready. This is part of GE’s commitment to invest $1 billion annually in renewable energy projects worldwide. GE Energy Financial Services and Atria Power did not disclose financial details.

Located in Anantapur district in Andhra Pradesh, the first project of 25.6 MW is expected to commence commercial operations in September. The two other projects, of 50 MW each, are located in Betul district of Madhya Pradesh and expected to start commercial operations in December this year and June 2015, respectively.

“GE’s global experience, financial structuring capabilities and commitment to advanced technology complements our strategy to develop low-cost renewable energy projects with maximum energy output,” Atria Power director Sunder Raju said in a company statement.

The projects will use GE 1.6-87.5 wind turbines, serviced by the company under an operations and maintenance agreement, to generate 76 MW of the total capacity. Additional turbines will be supplied and serviced by another manufacturer to generate 50 MW. Atria Power manages construction and operations.

Raghuveer Kurada, business leader for India and Southeast Asia at GE Energy Financial Services, stated that partnering with Atria Power accelerates its global growth and the India wind portfolio. GE Energy Financial Services is one of the world's biggest investors in wind power, with a portfolio of projects spanning nine countries and a capacity totalling more than 13,000 MW in operation or under construction.

Kin Advisors was the exclusive advisor to Atria Power on this transaction. Atria Power has a 125 MW renewable energy portfolio, and plans for an additional 700 MW in wind and solar.