GE, INDIAN CLEAN ENERGY DEVELOPER Greenko
announce VENTURE to develop wind Energy
projects across india
NEW DELHI, INDIA,
Oct. 10, 2011 – Expanding
GE’s footprint in India and connection with one of the country’s fastest
growing clean energy developers, GE Energy Financial Services and Indian-based Greenko Group plc (AIM: GKO.L) have agreed to
invest in a new venture to develop wind energy projects across India. The GE unit will invest US$50 million – its first renewable energy investment
in India – to support the development of 500 megawatts of wind projects out of Greenko’s planned development of one gigawatt
of wind projects in India. Greenko has committed
US$65 million for the venture, a newly created subsidiary of Greenko, known as Greenko Wind
Project Private Limited.
“This
investment expands GE’s presence in one of the world’s fastest growing power
markets with a local, proven renewable energy developer,” said Raghuveer Kurada, managing director and leader of India at GE Energy
Financial Services. “In addition to capital,
GE Energy Financial Services brings deep wind and other renewable energy
expertise gained by building a US$6 billion portfolio of
renewable energy investments worldwide.”
Greenko is currently developing a pipeline of wind projects in the Indian states
of Maharashtra, Andhra Pradesh, Karnataka and Rajasthan,
which the new venture, an Indian holding company and Greenko subsidiary specifically set up to develop wind
projects, will own. The first project, the 65-megawatt Ratnagiri wind
farm in Maharashtra, is planned for completion in December and will use GE’s
1.6-megawatt turbines. The wind turbines, specifically designed for low and
medium wind speeds, will be assembled at GE’s facility in Pune, India. Once
operational, a 500-megawatt wind portfolio could generate enough renewable
electricity to power 875,000 average Indian households and displace 700,000 tonnes per year of greenhouse gas emissions, the equivalent
of taking 137,000 average US cars off the road.
“Wind power is an increasingly
important part of the Indian energy market, and through our partnership with
GE, a global energy leader, we are well positioned to play an important role in
helping to meet the country’s energy needs with clean power using advanced
technology,” said Mr. Anil Kumar Chalamalasetty, CEO
and Managing Director of Greenko.
Greenko estimates that with an average growth rate of 30 percent, wind energy is
the fastest growing clean energy source in India. The company estimates that less than 25
percent of the country’s wind energy potential – estimated at 45,000 megawatts
– has been harnessed to date. The Indian government has set a renewable energy
target of 15 percent by 2020 and provided what Greenko
believes is a strong and clear policy framework to support the continued
expansion of renewable energy sources.
GE Energy Financial Services’
investment expands its global renewable energy portfolio and supports ecomagination, GE’s business strategy to create new value
for customers by solving energy, efficiency and water challenges. GE’s presence
in India dates back to 1902, when the company installed India’s first
hydropower plant. The company has
established a significant footprint across key locations in India with over 14,000
employees.
Formed in 2006, Greenko operates 183 megawatts of contracted energy
capacity across India, including seven hydroelectric power,
six biomass and one gas/liquid fuel-based plant and has 1,600 megawatts of
projects under development, including 1,000 megawatts of wind projects. The company has 750 full-time employees, with
offices in Hyderabad, New Delhi and Bangalore.
About GE Energy Financial Services
GE
Energy Financial Services’ experts invest globally with a long-term view,
backed by the best of GE’s technical know-how, financial strength and rigorous
risk management, across the capital spectrum, in one of the world’s most
capital intensive industries, energy. GE
Energy Financial Services helps its customers and GE grow through new investments,
strong partnerships and optimization of its
approximately US$20 billion in assets. GE Energy Financial Services is
based in Stamford, Connecticut, USA. For more information, visit www.geenergyfinancialservices.com.
About GE
About Greenko
Greenko
is a mainstream participant in the growing Indian energy industry and a market
leading owner and operator of clean energy projects in India. The Company is
building a de-risked portfolio of wind, hydroelectric, natural gas and biomass
assets within India and intends to increase the installed capacity it operates
by winning concessions to develop new greenfield assets
as well as making selective acquisitions which enhance shareholder value.
Greenko’s
portfolio is carefully planned and managed to ensure it offers investors
diversification geographically and spreads risks across a number of projects
which utilise varied environmental technologies. The
Company’s goal is to reach 1 GW of operational capacity by 2015. Current
operational capacity is 182.6 MW, split between 104.3 MW of hydro, 41.5 MW of
biomass and 36.8 MW of gas/liquid fuel. Greenko’s
portfolio, which includes projects in the development pipeline, currently
stands at 1.63 GW.
With
a core belief in sustainability both operationally and environmentally, Greenko endeavours to be a
responsible business playing an important role in the community beyond its role
in the power generation industry. The Company maintains a continuous
involvement in localised projects and community programmes which centre on
education, health and wellbeing, environmental stewardship and improving rural
infrastructure.
Greenko
Group plc was admitted to trading on the AIM market
of the London Stock Exchange (LSE: GKO) in November 2007.
Note to Editors: Caption for
photo: GE Energy Financial Services and Greenko have agreed
to invest in a new venture to develop 500 megawatts of wind energy projects
across India including the 65-megawatt Ratnagiri wind
farm under construction in Maharashtra, shown here, which will use GE’s
1.6-megawatt turbines.
Link to photo:
http://www.geenergyfinancialservices.com/images/Greenko.jpg
Contacts:
Christa Bowers, GE Energy Financial Services
+1-203-961-2934
Christa.bowers@ge.com
Gayatri Rath, GE Capital India
+91 124 4808918, +91 9873691843
Gayatri.Rath@ge.com
Tim Bowen, Investment Relations Director, Greenko
+ 44 7973 668818
Tim.Bowen@Greenkogroup.com