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Welspun Energy to invest Rs 1000 crores for Chhattisgarh's solar energy

Nov 06, 2012

In order to help the state of Chattigarh's energy portfolio de - carbonise by 2015, Wespun Energy has decided to invest Rs 1000 croroes to build 100 MW Solar PV Power project.

Welspun Renewables Energy Ltd (WREL) has inked an MoU with the Govt of Chattisgarh for installing 100 MW Solar Power project. Welspun Energy Ltd., through its subsidiary Welspun Renewables Energy Ltd., has signed an MoU for a 100 MW capacity Solar Power project. The MoU was signed recently in Raipur. The project is to be commenced in 2015, entailing an estimated investment of Rs.1000 crores. With this project WEL would achieve an annual CO2 emission reduction of 158118 tonnes.

The Government of Chattisgarh will facilitate the necessary approvals, permission, land acquisition, registration & clearances for the project. Welspun Energy Ltd has all along stressed on a widespread diffusion of renewable energy technologies. India's foremost developer has been in talks with various state governments for expansion of their renewable energy generation portfolio. Recently, the organization had won Asia's biggest solar power project of 130 MW through bidding, to be developed in Madhya Pradesh.

"A careful balance needs to be maintained for meeting India's accelerating energy needs. De-carbonizing production and accelerating economic activity has to be balanced. The state governments have to adopt a proactive role to meet their RPO targets. Green energy can be made affordable if more and more states take initiatives to expand their renewable portfolio. Dependence on fossil fuels must decrease. We want to bring a change in this power equation and with this MoU we are taking our first step in this direction in Chhattisgarh." said Mr. Vineet Mittal, Co-founder and Managing Director of Welspun Energy Ltd.

WEL is confident that it will be able to source appropriate funding for this project in time. By successfully commissioning its solar projects within committed timelines, the organization has been able to earn invaluable support from private investors. Testament to this is the recent financial closure of Welspun Energy's 50 MW solar project in Rajasthan; a consortium of banks led by Central Bank of India have supported this project. Mr. Mittal, however shared that uncertain policy framework, payment security issues etc. create edginess in investors to support power projects.

With the signing of this project, WEL's tally of projects to be developed has increased. Welspun Energy is presently developing more than 250 MW solar and 800 MW wind capacity in states like Rajasthan, Madhya Pradesh, and Karnataka. Innovations in engineering, project execution and on-ground decision making have helped Welspun Energy to deliver quality solutions within the prescribed time lines. This is a standard which most IPPs in India aspire to achieve. Welspun Energy plans to commission 1.7 GW of solar and wind power projects within the next three years.

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