Multinational GE Energy Financial Services Friday announced its investment funding of Welspun Renewables Energy's 151 MW solar photovoltaic power project in India.
"GE Energy Financial Services is making its investment in a solar power project in India, funding $24 million for a 151 MW solar photovoltaic power project at Neemuch in Madhya Pradesh," a statement here said.
The 151 MW project was put in operation in August 2013 by Welspun Renewables Energy (WREPL).
The Neemuch project powers 624,000 homes and mitigates an estimated 216,000 tonnes of carbon emissions annually. Power from the project is sold to the Madhya Pradesh state utility, the statement said.
Part of WREPL's 308 MW operational solar portfolio, the Neemuch project is located on an 800-acre site, which sits on a 500 metre-high barren land ridge. The site receives among the highest levels of irradiation in India.
"Welspun Renewables' history of developing benchmark projects ahead of schedule and with high generation power output helps us expand globally across the energy spectrum and meet the world's energy needs," Raghuveer Kurada, business leader for India and Southeast Asia at GE Energy Financial Services said.