GE Energy Financial Services, an arm of GE, has acquired 49% stake in Continuum Green Energy's 148.5 megawatt Morjar onshore wind project in Gujarat for an undisclosed sum.The deal size is estimated to be around $30 million, officials aware of the development. Continuum, majority-owned by a global infrastructure fund managed by Morgan Stanley Infrastructure Inc, continues to own 51% in the project.
"150 megawatt (MW) is a big project. But for a company like GE, we would like to see multiples of those to happen," said Gaurav Raniwala, global renewable energy leader at GE Energy Financial Services (GE EFS). "And, hopefully, we can, by investing ourselves, open doors for other people to use some of the creative ideas that we are bringing to the table."
Raniwala said many private equity players and sovereign wealth funds are interested in coming into India to invest. This transaction marks GE EFS' first onshore wind equity investment in Gujarat through a structured preferred equity solution. The Morjar project will be equipped with GE Renewable Energy's 2.7-132 onshore wind turbines.
GE will supply, install and commission 55 units. The 148.5 MW project is expected to reach full commercial operations in June 2022. Raniwala said GE's goal is to deploy around $1 billion of capital in renewables every year.