General Electric (GE) Co. is investing $24 million in India’s largest solar power plant drawn by what it called the technology’s incredible potential in Asia’s second-biggest energy consumer.
The investment by GE’s financial services unit in Welspun Energy Ltd.’s 151-megawatt photo-voltaic plant is part of a plan by the two companies to partner in expanding solar energy generation in India, the companies said in a joint e-mailed statement today.
The plant in Neemuch in central Madhya Pradesh state operates at a capacity utilization factor of 26 percent, according to the statement. That is a measure of how efficiently a plant produces energy, compared with its maximum capacity.
In comparison, the average capacity utilization factor of plants in Gujarat state, home to the most solar power capacity in India, was 18.7 percent in their first year of operation, Bloomberg New Energy Finance said in an October report.
Welspun Energy, India’s biggest solar developer, plans to complete 600 megawatts of photo-voltaic capacity by the end of this year, according to Managing Director Vineet Mittal.
To contact the reporter on this story: Natalie Obiko Pearson in New Delhi atnpearson7@bloomberg.net
To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.netJason Rogers, Indranil Ghosh
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