Welspun achieves financial closure for Solapur project

Welspun Energy, India's biggest developer of solar projects, today said it has tied-up finances for a 20 MW solar project it is setting up in Maharashtra.

The company said it has achieved financial closure for the Rs 180 crore project being set up in Solapur in Maharashtra.

"Leading financial institutions have committed to a long term project funding of Rs 135 crore, with debt and equity elements sourced in a ratio of 75:25," the company said in a statement.

Its subsidiary Welspun Energy Maharashtra Pvt Ltd (WEMPL) is setting up the project in Solapur - a region which is one of the highest radiation receiving districts in Maharashtra.

Welspun Energy had signed an MoU with Brihan Mumbai Electric Supply and Transport Undertaking (BEST) for supplying green energy to Mumbai city.

With its commissioning, 28 million units of clean and efficient solar energy will be supplied to BEST annually, it said.

Vineet Mittal, Co-Founder and Managing Director Welspun Energy said, "Welspun Energy's growth is in response to our conviction that renewables will be the source of future clean and inexhaustible energy."

"With the support shown by our institutional partners, we will commission this project well in time and budgeted costs," he said.

The project, which is to be completed this year, will address Maharashtra's annual peak deficit of 14.8 per cent 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 Welspun Energy in Maharashtra.

The company has also been awarded 32 MW capacities by 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.