Welspun Energy Successfully Ties-up Funds for Maharashtra 20 MW Solar Project

MUMBAI, India - June 21, 2013 - PRLog -- Welspun Energy Ltd. (WEL), one of India’s leading renewable energy generators, has successfully achieved financial closure of its upcoming 20 MW solar project in Maharashtra. Leading financial institutions have committed to a long term project funding of Rs. 135 crore, with Debt & Equity elements sourced in a ratio of 75:25.

India’s leading IPP (Independent Power Producers), through its step down subsidiary Welspun Energy Maharashtra Pvt. Ltd (WEMPL) is setting up this project in Solapur; a region which is one of the highest radiation receiving districts in Maharashtra. WEL had signed an MoU with Brihan Mumbai Electric Supply & Transport Undertaking (BEST) for supplying green energy to Mumbai city. With its commissioning, 28 million units of clean & efficient solar energy will be supplied to BEST annually.

Speaking on the occasion Mr. Vineet Mittal, Co-Founder & Managing Director Welspun Energy Ltd. said “Welspun Energy’s growth is in response to our conviction that renewables will be the source of future clean & inexhaustible energy. Through innovation and hard-work our Center of Engineering Excellence has consistently ensured delivery of high CUFs (Capacity Utilization Factor) at all our project sites. With the support shown by our institutional partners we will commission this project well in time and budgeted costs.”

This project will address Maharashtra’s annual peak deficit of 14.8% and will generate enough energy to power 96,000 households and mitigating 33,282 tons of carbon emissions annually. This will be the first project executed by WEL in the state of Maharashtra.
The IPP has also been awarded 32 MW capacities by the State of Punjab through Punjab Energy Development Agency (PEDA). Presently Welspun Energy has built up more than 300 MW clean energy capacity on-ground, of this 111 MW clean energy projects are operational. With the recent spate of projects, the clean energy generator is well on its way of reaching 1.75 GW capacity target.