GE Energy Financial Services invests in Atria Power's wind farms in India

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
GE Energy Financial Services invests in Atria Power's wind farms in India

GE Energy Financial Services has invested equity in three Atria Power wind projects under construction in India, supporting GE's commitment to invest US$1 billion annually in renewable energy projects worldwide.

The wind farms will have a combined capacity of 126 MW and will support the Indian Ministry of New and Renewable Energy's program to generate competitively priced grid–interactive wind power through feed–in tariffs. Financial details were not disclosed.

Located in Ananthapur district of Andhra Pradesh, the 26 MW first project is expected to reach commercial operations in September. The two other projects, each 50 MW, are located in Betul district of Madhya Pradesh, and are expected to reach commercial operations in December and June 2015 respectively. Off–take arrangements for the projects have not yet been finalized.

The projects will use GE 1.6–87.5 wind turbines, serviced by GE under an operations and maintenance agreement, to generate 76 MW of the total capacity. Additional turbines will be supplied and serviced by another manufacturer to generate 50 MW. Atria Power is managing construction and operations.

Sunder Raju, Director at Atria Power, stated:

GE's global experience, financial structuring capabilities and commitment to advanced technology complements our strategy to develop low–cost renewable energy projects with maximum energy output.

GE Energy Financial Services is one of the world's biggest investors in wind power, with a portfolio of projects spanning nine countries and a capacity totaling more than 13 gigawatts in operation or under construction.

Kin Advisors was the exclusive advisor to Atria Power on this transaction. Atria Power has a 125–megawatt renewable energy portfolio, and plans for an additional 700–megwatts in wind and solar. These latest farms will help India meet its target of 20 percent energy generation from renewable sources by 2020.

List of country news

Country news

  • July 31, 2014

    Jindal Power seeks to sell stake in Arunachal hydro project

    According to the Hindu Business Line, Jindal Power Limited, a subsidiary of Jindal Steel and Power Limited (JSPL), is looking to sell its entire stake in the 1,800 MW Kamala hydro electric power project in Arunachal Pradesh, India. Read more
  • August 07, 2014

    AT Capital Invests in renewable energy projects in India through Orange Group

    AT Capital, a Singapore based US$2.5 billion private investment fund, has invested around US$40 million in India-based Orange Group's renewable energy projects. Read more
  • August 28, 2014

    Adani Power buys Lanco Infratech’s Udupi thermal power plant

    Adani Power has acquired Lanco Infratech's 1,200 MW Udupi thermal power plant located at Mangalore Port, Karnataka, India. Read more
  • August 29, 2014

    Adani Group plans to build 2,500MW power plant in Odisha

    Local sources in India have reported that Adani Group is planning to invest Rs 125,000 million (around US$2 billion) for setting up a thermal power project in Odisha. Read more
  • September 04, 2014

    Lanco Infratech to sell assets to reduce debt

    Lanco Infratech has announced plans to raise Rs200 billion (US$3.3 billion) by selling power plants with a total capacity of 3,000 MW. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.