Financial Closure of Welspun Energy’s Rajasthan Wind Project Achieved

Long term funding secured for IPP’s 20 MW wind power project. Leading financial institution supports WEL’s wind farm
 
DELHI, India - May 16, 2013 - PRLog -- Welspun Energy Ltd. (WEL) marks its expansion into wind energy by achieving financial closure of its 20 MW Jaisalmer based power project. The company has received a sanction exceeding INR 1.2 billion as against a debt requirement of INR 880 million. This also includes fully underwritten offer for the entire debt amount from a leading national financial institution. Entire project cost has been funded on a 75:25 debt equity ratio.

Welspun Energy Solar Rajasthan Pvt. Ltd., a fully owned subsidiary of the company had signed a Power Purchase Agreement (PPA) with the Rajasthan Renewable Energy Corporation Ltd. The state of Rajasthan has tremendous renewable energy potential and through this project Welspun Energy is expecting to power over 115,200 households.

Speaking on the occasion, Mr. Vineet Mittal, Co-Founder & Managing Director, Welspun Energy Ltd, said, “India has a large untapped potential for wind energy and we believe harnessing clean energy resources will bridge the power shortage. The continued trust displayed by financial institutions proves that Welspun Energy is consistently delivering to the expectations of its stakeholders. With an industry projected growth of 20% per year and favorable policy ecosystem, we are looking at a steady growth curve.  The Rajasthan 20 MW project is the first of many milestones that we will be announcing shortly.”

Committed to harnessing the potential of renewable energy resources, WEL has been supporting the State Government of Rajasthan in achieving its clean energy commitments. Earlier this year, Welspun Energy had commissioned India’s largest solar project of 55 MW in Jodhpur district.

Welspun Energy has built up more than 300 MW clean energy capacity on-ground, of this 111 MW are commissioned and the rest under construction.  WEL aims to commission 1.75 GW of Solar & Wind projects. With a focus on green technologies and triple bottom-line, Welspun Energy is interweaving inclusive growth, social, economic and environmental sustenance in its projects, for providing sustainable energy for all by year 2030.
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Tags:Wind Energy, Financial Closure, Energy Debt Financing, Wind Power Plant, Clean Power Financing
Industry:Wind energy
Location:Delhi - Delhi - India
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