GE Investment Puts Greenko Wind Plans on Solid Footing

October 10 00:00 2011

New York, October 10 (RainbowNewsLine.com) – Greenko, an India-based renewal energy firm, founded in 2006, has a total of 1 GW of wind assets under development and with the help of a $50 million investment by a division of GE Energy Financial Services, funding for up to 500 MW will be achieved. This investment will also put it on track to achieve its goal of 1 GW of operational wind capacity by 2017.

Greenko’s President Mahesh Kolli said in an interview with Reuters that “With this investment, up to 500 megawatts is funded. That 500 MW rollout will be enough to fund the rest of the 1 GW (target) thereafter,” and added that “We will raise further capital as required, but are well funded for the next phase of growth.”

Kolli expects that Greenko will be able to reach 1 GW of operational capacity in wind by about 2016-2017. He said that there is great potential of growth in the Indian wind market and that wind will be the fastest green energy source in India with an annual average growth rate of 30 percent.

Kolli put the total wind market in India at about 45 GW out of which only about 14 GW has been installed so far. On Monday, shares of the company, which is a London-listed clean energy producer, went up 2.3 percent at 154.5 pence, valuing the business at about 220 million pounds ($343.6 million).

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