US-based multinational conglomerate General Electric (GE) and Continuum Green Energy (India), a renewable energy project developer, announced the financial close of GE Energy Financial Services’ acquisition of a 49% stake in Continuum’s 148.5 MW Morjar onshore wind project in Gujarat.

The project is expected to start commercial operations in June 2022 and will be equipped with GE Renewable Energy’s 2.7-132 onshore wind turbines. GE will supply, install and commission 55 units of the wind turbines for the project.

The Morjar wind project will have the capacity to supply power to nearly 125,000 households.

“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 decarbonization and renewable energy targets,” said Gaurav Raniwala, Global Renewable Energy Leader, GE Energy Financial Services.

GE Energy Financial Services (GE EFS) is a part of the global GE Capital group that invests in its renewable energy customers and their global projects. The company offers financial solutions to large-scale onshore, offshore, and repowering wind projects.

GE EFS has invested in several projects in India, enabling over one GW of renewable energy projects across various Indian states.

“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. We are proud to partner with GE EFS through bespoke energy financing and renewables technology to continue to accelerate efforts to help support customers in the energy transition,” said Arvind Bansal, CEO of Continuum Green Energy.

Continuum operates a renewable portfolio of 4 GW, comprising 855.4 MW of operational capacity, 444.4 MW under construction, and 2.7 GW under development.

In 2021, GE supplied 37 units of its 2.7-132 onshore wind turbines to Continuum’s 240 MW wind-solar hybrid project in Gujarat. Continuum Green Energy won the project in the Tranche-VI auction for wind projects by Solar Energy Corporation of India. Last February, International Finance Corporation (IFC), the World Bank Group’s financial arm, subscribed to 10% of the company’s first green bond, which was listed on the Singapore stock exchange. The offering raised nearly $561 million (~₹40.79 billion).

GE had announced its plans to exit the new-build coal power market in 2020. The company said that it would focus and invest in its renewable energy and power generation businesses and work to make electricity more affordable and sustainable.