GE arm in talks to invest in Avaada Power’s renewable energy projects
New Delhi: GE Energy Financial Services (GEEFS) is expanding its Indian renewable energy portfolio and is in talks with Avaada Power to invest in the renewable energy projects of the Vineet Mittal-promoted firm, two people aware of the development said.
Avaada Power is Mittal’s second innings in India’s clean energy space after Tata Power Co. Ltd bought the entire 1.1 GW renewable energy portfolio of Welspun Energy Ltd for $1.4 billion last year.
“GE Energy Financial Services is in talks with Avaada Power to invest in its wind and solar power projects,” said one of the people cited above, requesting anonymity. GEEFS has made investment commitments of around $15 billion globally.
The second person confirmed the development and, also requesting anonymity, added, “GE has ambitious plans for India given the scale of green energy here.”