GE Energy Financial Services is making its first investment in a solar power project in India, funding US $24 million for a 151 (DC)-megawatt solar photovoltaic power project that Welspun Renewables Energy Pvt. Ltd. (WREPL), put into operation in August 2013, almost eight months ahead of schedule. The Neemuch project, one of the world’s largest solar plants, powers 624,000 homes and mitigates an estimated 216,372 tons of carbon emissions annually.
The project, part of WREPL’s 308 (DC)-megawatt operational solar portfolio, is located on an 800-acre site in Neemuch, which sits on a 500-meter-high barren land ridge in the Indian state of Madhya Pradesh. The site receives among the highest levels of irradiation in India. WREPL’s project has reached a capacity utilization factor of 26 percent, among the country’s top generating projects.
Power from the project is sold to the Madhya Pradesh state utility, helping the country meet its target of 20% energy generation from renewable sources by 2020.