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June 16, 2022

GE purchases 49% stake in Morjar onshore wind farm in India

The 148.5MW wind facility will feature 55 units of GE Renewable Energy’s onshore wind turbines.

GE Energy Financial Services (GE EFS) has acquired a 49% interest in the Morjar onshore wind farm from Indian power company Continuum Green Energy India for an undisclosed sum.

Located in the Indian state of Gujarat, the 148.5MW Morjar wind facility will feature 55 units of GE Renewable Energy’s 2.7-132 onshore wind turbines.

The wind farm is expected to come online this month.

Once operational, it will generate enough clean electricity to meet the needs of 125,000 households.

GE Renewable Energy recently delivered 37 of its 2.7-132 onshore wind turbines for a 240MW wind-solar hybrid project operated by Continuum in Gujarat, India.

The company’s investment in the Morjar wind farm is said to be its first in the state of Gujarat through a structured preferred equity solution.

GE Energy Financial Services global renewable energy leader Gaurav Raniwala said: “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.

“We look forward to furthering the partnership with Continuum on future renewables projects with GE’s innovative financing and technology solutions.”

GE EFS added that it has invested in more than 1GW worth of renewable projects in India to date.

These projects are located across various Indian states, including Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.

A global infrastructure fund managed by Morgan Stanley Infrastructure owns a majority stake in Continuum.  

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

“We are proud to partner with GE EFS through bespoke energy financing and renewables technology to continue to accelerate efforts to help support customers in the energy transition.”

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