GE Power buys 49% in Continuum’s wind challenge

GE Power Monetary Companies (GE EFS) on Wednesday mentioned it has purchased a 49% stake in Continuum Inexperienced Power’s 148.5 MW Morjar onshore wind challenge in Gujarat for an undisclosed quantity. Continuum Inexperienced Power is majority owned by world infrastructure fund managed by Morgan Stanley Infrastructure.

Morgan Stanley, which owns an over 85% stake in Continuum Inexperienced, had been in search of buyers to promote its majority stake within the firm since 2015. Previously, US-based SunEdison, Norwegian vitality main Statkraft and India’s ReNew Energy had evinced eager curiosity to accumulate the stake. Nonetheless, not one of the discussions might attain a fruitful conclusion.

Continuum Inexperienced Power has a portfolio capability of 4 GW, which includes 855.40 MW operational capability, 444.40 MW under-construction initiatives and a couple of.7 GW under-development initiatives.

This transaction is the primary fairness funding by GE EFS in any onshore wind challenge in Gujarat utilizing a structured most well-liked fairness answer. The wind turbine gear producer believes that related monetary options could be replicated for future renewable vitality alternatives throughout India and world markets for vitality transition goal.

The Morjar challenge can be geared up with 55 items of GE’s 2.7-132 onshore wind generators and can start business operations in June 2022. Upon completion, Morjar onshore wind farm will present energy to native communities which can be equal to 125,000 households. GE Renewable Power lately provided 37 items of those onshore wind generators to Continuum’s 240 MW wind-solar hybrid challenge in Gujarat, GE Power mentioned in an announcement.

Gaurav Raniwala, world renewable vitality chief, GE Power Monetary Companies, mentioned offering a bespoke financing product to a strategic buyer strengthens GE’s partnership to proceed to ship accessible, inexpensive and dependable renewable vitality throughout India to assist the nation’s decarbonisation and renewable vitality targets. “We look ahead to furthering the partnership with Continuum on future renewables initiatives with GE’s modern financing and know-how options.”

GE EFS has invested in over 1 GW of renewable vitality initiatives in varied states, together with Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.

Arvind Bansal, CEO, Continuum Inexperienced Power, mentioned, “The Morjar onshore wind funding by means of GE EFS could be replicated to allow future growth of wind and hybrid initiatives in India.”

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