GE Energy Financial Services (GE EFS) on Wednesday said it has bought a 49% stake in Continuum Green Energy’s 148.5 MW Morjar onshore wind project in Gujarat for an undisclosed amount. Continuum Green Energy is majority owned by global infrastructure fund managed by Morgan Stanley Infrastructure.

Morgan Stanley, which owns an over 85% stake in Continuum Green, had been looking for investors to sell its majority stake in the company since 2015. In the past, US-based SunEdison, Norwegian energy major Statkraft and India’s ReNew Power had evinced keen interest to acquire the stake. However, none of the discussions could reach a fruitful conclusion.

Continuum Green Energy has a portfolio capacity of 4 GW, which comprises 855.40 MW operational capacity, 444.40 MW under-construction projects and 2.7 GW under-development projects.

This transaction is the first equity investment by GE EFS in any onshore wind project in Gujarat using a structured preferred equity solution. The wind turbine equipment manufacturer believes that similar financial solutions can be replicated for future renewable energy opportunities across India and global markets for energy transition purpose.

The Morjar project will be equipped with 55 units of GE’s 2.7-132 onshore wind turbines and will begin commercial operations in June 2022. Upon completion, Morjar onshore wind farm will provide power to local communities which will be equivalent to 125,000 households. GE Renewable Energy recently supplied 37 units of these onshore wind turbines to Continuum’s 240 MW wind-solar hybrid project in Gujarat, GE Energy said in a statement.

Gaurav Raniwala, global renewable energy leader, GE Energy Financial Services, said providing a bespoke financing product to a strategic customer strengthens GE’s partnership to continue to deliver accessible, affordable and reliable renewable energy across India to support the country’s decarbonisation and renewable energy targets. “We look forward to furthering the partnership with Continuum on future renewables projects with GE’s innovative financing and technology solutions.”

GE EFS has invested in over 1 GW of renewable energy projects in various states, including Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.

Arvind Bansal, CEO, Continuum Green Energy, said, “The Morjar onshore wind investment through GE EFS can be replicated to enable future development of wind and hybrid projects in India.”