GE picks up stake in Atria's 3 wind power projects

The company, along with GE Financial Services, will be coming in with 30% of the project cost as equity, while the rest will be debt

GE Energy Financial Services has invested equity in three Atria Power's wind projects under construction in India which will have a combined capacity of 126 Mw. Financial details were not disclosed. This is the second time around that the Bangalore-based Atria Power is raising private equity, a year after it raised around Rs 50 crore from BanyanTree Growth Capital at the holding company level. According to information available, the company has a 125-Mw renewable energy portfolio, and plans to have another 700-Mw in wind and solar.

The company, along with GE Financial Services, will be coming in with 30 per cent of the project cost as equity, while the rest will be debt.

Located in Ananthapur district of Andhra Pradesh, the first project of 25.6-megawatt is expected to reach commercial operations in September. The two other projects, each 50 megawatt, are located in the Betul district of Madhya Pradesh and are expected to reach commercial operations in December and June 2015 respectively.

Off-take arrangements for the projects have not yet been finalised. Atria Power is managing the construction and operations.