GE Power Monetary Providers (GE EFS) on Wednesday mentioned it has purchased a 49% stake in Continuum Inexperienced Power’s 148.5 MW Morjar onshore wind mission in Gujarat for an undisclosed quantity. Continuum Inexperienced Power is majority owned by international infrastructure fund managed by Morgan Stanley Infrastructure.
Morgan Stanley, which owns an over 85% stake in Continuum Inexperienced, had been on the lookout for 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 amass the stake. Nonetheless, not one of the discussions may 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 pair of.7 GW under-development initiatives.
This transaction is the primary fairness funding by GE EFS in any onshore wind mission in Gujarat utilizing a structured most well-liked fairness answer. The wind turbine tools producer believes that comparable monetary options will be replicated for future renewable vitality alternatives throughout India and international markets for vitality transition function.
The Morjar mission will probably be geared up with 55 models of GE’s 2.7-132 onshore wind generators and can start industrial operations in June 2022. Upon completion, Morjar onshore wind farm will present energy to native communities which will probably be equal to 125,000 households. GE Renewable Power not too long ago equipped 37 models of those onshore wind generators to Continuum’s 240 MW wind-solar hybrid mission in Gujarat, GE Power mentioned in a press release.
Gaurav Raniwala, international renewable vitality chief, GE Power Monetary Providers, 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 progressive financing and expertise 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 will be replicated to allow future growth of wind and hybrid initiatives in India.”
