General Electric (GE) is making its debut investment in India’s solar industry with a stake in the nation’s largest solar project.
GE Energy Financial Services is investing $24 million (£14.3m) in the 151MW Neemuch project, which is being built in the state of Madhya Pradesh by Welspun Renewable Energy.
Once built, the facility will generate enough clean electricity to power around 624,000 homes and cut 216,372 tonnes of carbon emissions every year.
Power from it will be sold to the Madhya Pradesh state utility to help the country meet its target of generating 20% of 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.”