Welspun gets $617-mn funding

Welspun Renewables on Tuesday said it has received another round of funding of $617 million, two-third of which was in the form of debt.

The company said it has generated $405 million debt and got $165 million as equity. Another $47 million is in the form of line of credit.

"The investment has been through a combination of debt and equity infusion by the promoters, existing and new investors," the company said in a statement. It, however, did not disclose details of the investors putting in the $165 million equity. Vineet Mittal, Vice Chairman, Welspun Renewables said last year The Asian Development Bank and General Electric had made significant investments in the company. He, however, did not disclose details of the investments they had made.

Welspun Renewables' "power plants are among the highest generating projects in the country and have been built ahead of committed timelines, thanks to our superior EPC capabilities," he said.

Being the leaders in this space, Welspun has been setting benchmarks for the industry.  "These deals continue to prove that renewable energy sector is a preferred investment choice and global players are willing to commit to help grow the industry," Mittal said.

The company is targeting to set up five giga-watts capacity, of which one Gw will be commissioned this fiscal. At present, its solar and wind projects are spread across eight states.

"Till date, through its clean energy projects, Welspun has generated over 1.375 billion units of clean energy and mitigated 1.2 million tonnes of CO2 emissions," the statement added.