GE Finance takes 49% Stake In Continuum Wind Energy Project In Gujarat

General Electric has declared that it has acquired a 49% stake in the Morjar wind energy project in Gujarat. The official statement says that GE Energy Financial Services and Continuum Green Energy (India) closed the financial deal of GE Energy Financial Services’ acquisition in the Continuum’s developed wind project.

Morjar is an onshore wind energy project of 148.5 MW in the Kachchh district. The project will employ GE Renewable Energy’s 2.7-132 onshore wind turbines and the company is contracted to supply, install and commission 55 units of the turbines.

GE says that the Morjar project is likely to be fully operational commercially in June 2022

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GE claims that the present investment of the company demonstrates its ability to provide financial solutions to sophisticated customers like Continuum for supporting the energy transition initiatives. Also, the company says that its financial solutions can be replicated across India and the global market.

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

Continuum Green Energy is an India-focused renewable energy group. It has a portfolio of the capacity of more than 4 GW comprising 855 MW of operational capacity. The company sells renewable energy to DISCOMs, commercial and industrial clients.

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Arvind Bansal, CEO of Continuum, said, “The Morjar onshore wind investment through GE EFS marquee transaction can be replicated to enable future development of wind and hybrid projects in India.”

On the other hand, GE Energy Financial Services has made considerable investments in several renewable energy projects in India. The total capacity of the company is over 1 GW and the projects of GE span across Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat. In 2021, GE emerged as the winner of 1.2 GW order in India and it became the largest wind turbine OEM and supplier in the country.