• 120 GE 2.5-132 turbines to be installed at the Gadhsisa Wind Farm in Gujarat, India;
• This 300 MW project will be the largest full turnkey EPC project by GE Renewable Energy in India;
• GE Renewable Energy will service and operate the turbines for 10 years in India;
• GE Renewable Energy now has 1.8GW in onshore wind capacity in India.
GE Renewable Energy announced today that it has been selected by ReNew Power, India's largest renewable energy Independent Power Producer (IPP)*, to provide 120 GE 2.5-132 turbines for the Gadhsisa Wind Farm in Gujarat, India. The wind farm will have a total installed capacity of 300 MW, making it the largest full turnkey EPC (engineering, procurement and construction) project by GE Renewable Energy in India. The project will power the equivalent of 1,100, 000 homes in India with clean and reliable electricity. ReNew Power successfully bid for this project in the third round of auctions conducted by the Solar Energy Corporation of India (SECI) in February 2018.
The 2.5-132 turbines have been designed primarily at GE's Technology Centre in Bangalore, and built on learnings from more than 22,000 GE wind turbines around the world. This turbine is a significant improvement over previous version, with improved rotor diameter, wind capture and 30% more Annual Energy Production (AEP) than GE's 2.3-116 turbine.
Today, GE's footprint expands across 37 wind farms in India, and 1.8 GW of capacity across the country. The company is also continuing to drive innovations specific to the region, and recently introduced its 2.7 MW low wind speed machine turbine which included the largest rotor ever installed in India and is currently being tested in Gujarat.
Mahesh Palashikar, Region Leader for GE Renewable Energy's Onshore Wind business in Asia, said,"We are delighted to have the opportunity to work with ReNew Power on this project. This is an important milestone for GE in India and this relationship with ReNew will help us expand our turnkey capabilities across Asia. ReNew Power is the industry leader in the renewable energy sector in India, and it is a privilege for our turbines to have been selected for this project. GE's 2.5-132 wind turbine was designed in India specifically for India's low wind speed conditions, lowering the cost of wind energy compared to similar turbines. We're excited to bring this wind turbine, as well as other new turbines such as the 2.7, to the India region."
Speaking on this occasion, Balram Mehta, President - Wind, ReNew Power Ltd. said,"GE Renewable Energy, with its customized maintenance support and suite of modern turbines driven by cutting edge technology was a natural choice as our partner for this critical project. By leveraging our combined strengths and synergies, we hope to make a significant contribution towards augmenting renewables capacity in India."
GE will also maintain the facility, which is due to be commissioned progressively by end of 2019, for a period of 10 years. GE India currently manufactures its state-of-the-art wind turbines for the India market at the multi-modal manufacturing facility in Pune.
About GE Renewable Energy
GE Renewable Energy (ge.com/renewableenergy) is a $10 billion start-up that brings together one of the broadest product and service portfolios of the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power and more recently turbine blades, GE Renewable Energy has installed more than 400+ gigawatts capacity globally to make the world work better and cleaner. With more than 22,000 employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world's first digital industrial company. Our goal is to demonstrate to the rest of the world that nobody should ever have to choose between affordable, reliable, and sustainable energy.
About ReNew Power
ReNew Power Limited (renewpower.in) is India's largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity*. As of May 8, 2018, ReNew had a total capacity of over 5.85 GW of wind and solar power assets across the country, comprising 3.92 GW of operational capacity, 1.66 GW of under development capacity, and 0.27 GW of recently awarded SECI project. It develops, builds, owns and operates utility scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. ReNew has a strong track record of organic and inorganic growth having nearly doubled its operational capacity in each of the last three Fiscal Years. ReNew's broad base of equity investors include Goldman Sachs, JERA, ADIA, CPPIB, GEF SACEF India, and ADB (subsequently exited).
*As of May 2018. In terms of total energy generation capacity. Source: CRISIL Research Outlook on the Renewable Energy Market in India released in Mumbai in May 2018
CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this report (Report) based on the Information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. CRISIL especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of this Report. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary permission and/or registration to carry out its business activities in this regard. ReNew Power Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the Report or part thereof outside India. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL's Ratings Division / CRISIL Risk and Infrastructure Solutions Ltd (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL's Ratings Division / CRIS. No part of this Report may be published/reproduced in any form without CRISIL's prior written approval.
ReNew Power Limited is proposing, subject to the applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the DRHP with SEBI on May 8, 2018. The DRHP is available on the websites of SEBI at sebi.gov.in, BSE at bseindia.com, NSE at nseindia.com and GCBRLMs, i.e. at investmentbank.kotak.com, ml-india.com, goldmansachs.com, jmfl.com and jpmipl.com and BRLMs, i.e. at hsbc.co.in/1/2/corporate/equitiesgloablinvestmentbanking, idfcbank.com, ubs.com/indianoffers and yesinvest.in, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the DRHP, including the section "Risk Factors" on Page 23 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States. The securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from such registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the Company, its management, as well as its financial statements. No public offering or sale of securities in the United States is contemplated.
Contact: Becky Norton - GE Renewable Energy, Onshore Wind
M: +1 518 522 8832 - E: becky.norton[.]ge.com.