GE highlights “incredible potential” in Indian solar business

• 10 years ago (2014-04-28)
• Junior Isles

North America 1021 Renewables 776

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GE has said this week that Indian solar technology’s “incredible potential” has inspired it to invest $24 million in India’s largest solar plant – Welspun Energy Ltd.’s 151 MW solar PV facility in Neemuch, Madhya Pradesh state.

The investment will be the US giant’s first in the Indian solar industry and GE affirmed that it is looking for similar projects, with plans to invest more than $1 billion a year in renewable energy projects offering “very significant returns” across the globe.

“India has gained incredible potential for the development of solar power,” Raghuveer Kurada, GE Energy Financial Services’ business leader for India and South East Asia, revealed in a statement. “Our investment in Welspun Renewables’ solar project helps to realise that potential.”

India is now pushing for a solar boom on the subcontinent; home to no significant solar capacity three years ago, but now hoping to find $11.7 billion by 2017 to invest in a six-fold solar capacity expansion.

Fuel-supply bottlenecks have plagued India’s conventional coal and natural gas generation industries for years, and plunging panel prices are now making solar PV generation a more viable alternative.

Welspun Energy Managing Director, Vineet Mittal, has said to the media that GE’s entry into the Indian solar industry “boosts the credibility of the whole sector” and helps demonstrate that local projects are developed enough to attract international interest.

The Neemuch PV plant cost 11.8 billion rupees ($194 million) to complete but GE’s investment will help free up funds for Welspun to build new projects and double capacity to 600 MW by the end of 2014 year, Mittal said.