General Electric Co. is expanding its wind turbine business in India.
The industrial and financial giant said Monday that its Energy Financial Services division will invest $50 million to build wind energy projects in India. The division will partner with a subsidiary of India's Greenko Group PLC, which is spending $65 million on the venture.
GE's investment will help Greenko develop a series of wind projects in the Indian states of Maharashtra, Andhra Pradesh, Karnataka and Rajasthan. Greenko already has a 65-megawatt wind farm in Maharashtra under development. The farm, which will use GE turbines, is expected to be completed in December.
GE said it expects its investment will generate revenue through power-purchase agreements with local utilities. GE didn't say that the venture with Greenko will use GE turbines exclusively, but William Blair & Company analyst Nicholas Heymann said that it's likely.
"They're trying to find a new home" for their wind turbines, Heymann said.
GE shares rose 44 cents, or 2.8 percent, to $15.94 in morning trading.