GE Invests $24 Million in Welspun’s Solar Project: The Importance of Harnessing Renewable Energy
GE Invests $24 Million in Welspun’s Solar Project: The Importance of Harnessing Renewable Energy
GE Energy Financial Services has taken a positive step in the direction of renewable energy. This corporate giant has invested $24 million in a 151 megawatt solar power project established by Welspun Renewables Energy Pvt Ltd. This solar photovoltaic power project is part of the huge renewable solar energy portfolio of Welspun. This company has a 308 megawatt operational solar portfolio which is located on a site of 800 acres in Neemuch. This is located in the Indian state of Madhya Pradesh. This site was specially chosen for the project because it receives one of the highest levels of irradiation and sunlight in the country.
This solar power project has a capacity utilization factor of about 2 percent. It powers 624,000 households, according to spokespersons from Welspun. The power project mitigates an estimated 216,372 tonne of carbon emissions on an annual basis. The power generated from this solar project is sold to the state electricity companies of Madhya Pradesh. Following this investment, GE Energy Financial Services has now expanded to doing business over $10 billion in renewable energy. This includes $1.8 billion in investment commitment for solar power in over 7 countries.
The GE Energy Financial Services is a leading investor in renewable energy projects. It offers flexible financial structures including common and preferred equity. Debt and acquisition finance are also part of financial structures at GE. Welspun has acknowledged their excitement in collaborating with GE. Welspun will receive considerable support in areas such as financial strength and risk management as a result of this.
The global focus on expanding the use of renewable energy is a step in the right direction. With dimishing supplies of fossil fuels confronting the world and battle over resource rich countries by world powers, the real practical solution is to switch to renewable energy sources instead. Even as industry experts are advising both for and against environmental regulations, the truth is that greenhouse gas emissions have to be cut down if the earth has to survive for future generations. Thinking only about one’s own welfare and not caring about the future of the planet is a selfish and irresponsible act. Unfortunately, lobbyists and naysayers have blocked the path of voices of reason.
There are not only environmental benefits of tapping renewable resources, but cost advantages as well. Renewable energy is cheaply and easily available. It protects the environment and the planet’s atmosphere from the production of poisonous gases. While renewable energy has become an important part of climate mandates, rules are needed to catch companies which are desperately espousing the importance of fossil fuels in a bid to retain market shares.
Even as both sides of the renewable energy debate gear up for another round of arguments, rationalists without any vested interests should realize the importance of harnessing renewable energy. Clean energy is the solution to our problems. The fossil fuel industry is looking to hold onto their arguments against global warming for the sake of profits. They should realise that they may have the death of a planet on their conscience soon, if they persist in promoting non-renewable sources of energy.
There should be a clearly mandated level of renewable energy use by state electrical boards and companies across nations. Private companies should also be given more incentives for using renewable energy. Wind and solar power should generate a sizeable percentage of electricity in states where there natural resources are more than abundant.
Economies which rely on fossil fuels will ultimately enter into a downward spiral, for the simple reason that they are going to run out of steam once the resource crunch becomes impossible to solve. Unless infrastructure is created for the generation of power from renewable sources of energy, some ecologists would even go so far as to say that mankind could well be on the brink of extinction. While the ruins of Pompeii are a splendid sight for historians, mankind would do well to avoid a similar fate.
