GE acquires 49 per cent stake from Continuum in Gujarat project

General Electric (GE), a US- based multinational conglomerate, and Continuum Green Energy (India), a renewable energy project developer, announced the financial completion of GE Energy Financial Services’ acquisition of a 49 per cent stake  in Continuum’s 148.5 MW Morjar onshore wind project in Gujarat, India. The project, which will be equipped with GE Renewable Energy’s 2.7-132 onshore wind turbines, is set to begin commercial operations in June 2022. GE will provide, install, and commission 55 wind turbines for the project. The Morjar wind farm will be able to supply power to almost 125,000 homes. 

GE Energy Financial Services (GE EFS) is a subsidiary of GE Capital that invests in renewable energy consumers and projects across the globe. Large-scale onshore, offshore, and repowering wind projects can all benefit from the company’s financial solutions. GE EFS has invested in a number of projects in India, allowing over one GW of renewable energy projects to be built across various Indian states.

Gujarat is actively attracting investments in clean energy. Earlier this month, the Gujarat State Electricity Corporation issued a request for proposals for the engineering, supply, procurement, installation, and commissioning of 100 MW of wind power at two locations on a turnkey basis. The winning bidder will be responsible for the projects’ operation and maintenance for a period of 25 years. Within 16 months of receiving the letter of intent, the project must be commissioned. The estimated cost of the project is Rs 6 billion.