Indias Welspun Energy To Invest 1 3 Billion Into Wind And Solar Energy

Indias Welspun Energy To Invest 1 3 Billion Into Wind And Solar Energy

Clean Power

PUBLISHED ON January 19th, 2015

"by Mridul Chadha"


January 19th, 2015 by MRIDUL CHADHA

Welspun Energy, a leading renewable energy developer in India, has announced fresh investment plans as it plans to expand its solar and wind energy generation capacity.

Welspun Energy's 151 MW solar PV project in Madhya Pradesh, India

Welspun Energy has signed agreements with the state government of Gujarat to install 1.1 GW of renewable energy capacity. The agreement includes 500 MW of wind energy capacity and 600 MW of solar energy capacity.

The agreement is in addition to similar commitments made by other Indian and foreign companies at the recently concluded Vibrant Gujarat investor summit. Suzlon Energy announced 3.7 billion investment in solar and wind energy capacity. SunEdison announced 4 billion investment in solar photovoltaic module manufacturing unit in collaboration with an Indian company.

Welspun Energy already has a significant footprint in the renewable energy sector. The company operates India's largest solar power project developed by a single company. The solar photovoltaic power project, with an installed capacity of 151 MW, is located in the state of Madhya Pradesh.

The company has adopted a two-pronged approach of installing renewable energy projects by participating in auctions as well as through direct agreements with relevant government agencies. As the domain of competitive auction heats up, the route of direct agreements has now become more attractive.

Earlier this year, Welspun Energy announced investment plans worth 2.5 billion to set up around 1.5 GW renewable energy capacity over the next three years. The company currently has an installed capacity of around 350 MW and is working on projects worth 750 MW.

Welspun Energy has attracted significant debt and equity investments from the leading financial institutions and equity funds. KfW, Asian Development Bank, and GE Energy Financial Services are some of the entities which made investments in the company.

Image Credit: Welspun Energy

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TAGS: Gujarat Solar Energy, Gujarat wind energy, India, india solar energy, india wind energy, Vibrant Gujarat Summit, Welspun Energy

About The Author

Mridul Chadha currently works as Head-News Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master's in Technology degree from The Energy Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor's degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.

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Gujarat appears at least to be hedging its bets against the state-run ultra-mega-projects of which Delhi is unaccountably so fond. Anybody want to take a bet that by the end of 2015, many of the normal-sized projects with commercial partners will be on schedule, and many of the ultramegas delayed?

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