Monday, April 28, 2014: General Electric Co. has announced its plan of investing $24 million in India’s largest solar-power plant. GE’s financial services unit has expressed its intention of investing in Welspun Energy Ltd.’s 151-megawatt photovoltaic plant, which is country’s largest solar-power plant. This is U.S. company’s first investment in the local solar industry. Earlier this week, the company announced that it plans to invest over $1 billion in renewable projects this year that promise “very significant returns.”
According to a statement released by the company, Raghuveer Kurada, business leader for India and South East Asia at GE Energy Financial Services, said, “India has gained incredible potential for the development of solar power. Our investment in Welspun Renewables’ solar project helps to realise that potential.”
India, which was no where in the field of solar power about three years ago, is now on the verge of drawing $11.7 billion of investment by 2017. This investment will help in expanding the solar-power capacity of the country by sixfold as falling panel prices have made the generation costs come down. On the other hand, the fuel-supply bottlenecks have increased prices of coal and natural gas.
This investment is viewed as a ‘boost’ in the credibility of the whole sector and gives the belief that the local projects are able to draw international interest, said Welspun Energy Managing Director Vineet Mittal in an interview with Bloomberg Businessweek.
