GE Energy Financial Services (EFS), a unit of GE, said on June 15 that it had acquired a 49% stake in Continuum Green Energy’s 148.5 MW Morjar onshore wind project in Gujarat for an undisclosed sum.

Continuum, majority-owned by the Global Infrastructure Fund and managed by Morgan Stanley Infrastructure, continues to hold a 51% stake in the project.

The acquisition marks the first equity investment by GE EFS in onshore wind energy in Gujarat through a structured preferred equity solution.

GE will provide its financial services capabilities in the Indian renewable energy market through a partnership with Continuum.

Previously, GE EFS has invested in several renewable energy projects in various Indian states, including Madhya Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, Andhra Pradesh and Gujarat.

The company believes India is an important large-scale renewable energy market, with strong government support and a renewable energy target of 500 GW in 2030.

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Additionally, GE Renewables secured more than 1.2 GW of orders in India in 2021, making it the largest wind turbine OEM and supplier in the country.