The company is setting up the project on a public-private partnership (PPP) model with Maharashtra State Power Generation Company, Welspun Energy said in a statement.
Ajit Pawar, Deputy Chief Minister of Maharashtra today laid the foundation stone in Baramati in Pune district, it said.
The power producer will be fully responsible for part- finance, design, and commissioning of this grid interactive solar power, it said, adding and WEPL will invest 60% of project cost and will be entitled to get 62% share in revenue.
"This is the second project we have built in the state. Like our other projects across the state, we will be bringing our expertise in project development to this one as well," Vineet Mittal, Managing Director of Welspun Energy said.
The 50 MW capacity will be installed in two phases. Part 36 MW will be installed on 74.74 hectares of government land. Balance 14-MW capacity will be installed after acquisition of balance 29.97 hectares required for the project, it said.
For the next 25 years, the project will generate enough green energy to power .24 million households, it said, adding, among the three bids received for the project, Welspun Energy had emerged as the highest revenue sharing bidder.
Apart from Maharashtra the company is building large capacity solar projects in the states of Tamil Nadu and Punjab.
Construction has begun on its 36-MW Punjab project site and an MoU has been signed for an additional 151-MW capacity. The organisation is targeting to develop 1.75 giga watt of renewable capacity in next three years.