Welspun Energy’s Solar Project Completes INR 65crore Financial Closure

NEW DELHI - June 25, 2013 - PRLog -- India’s foremost solar power developer Welspun Energy Ltd. (WEL), obtained INR 48.75 crore investment from leading financial institution. Project cost of INR 65 crore has been sourced in a Debt – Equity ratio of 75:25. The 7 MW Karnataka project located in Chitradurga district, is being developed by WEL’s step down subsidiary Welspun Solar Kannada Pvt. Ltd. under the Karnataka State Policy.  Tracker technology will be implemented for 1 MW capacity, of the total project capacity of 7 MW.

On ground work for the project is already in progress. As per the PPA signed with Mangalore Electric Supply Company (MESCOM) the power plant needs to begin commercial operations by March 2014. Keeping with its execution track recorder, WEL will commission this project well before the timeline.

The tracking system deployed at the site would track the path of the sun since morning till evening. This system is expected to give a significant boost to power generation percentage in comparison to the fixed tilt system.

Speaking on the occasion Mr. Vineet Mittal, Co-Founder & Managing Director Welspun Energy Ltd. said “We are committed to ‘electricity for everyone’ and this need gap can sustainably be closed by increasing investment in renewable energy projects; our pace of growth mirrors this commitment. As the leading producers of highly-competitive clean and green power, it is our aim to achieve grid parity within the next few years and establish the value of renewable energy to India’s energy security.”

This project will help in addressing Karnataka’s annual peak deficit of 27.4% and by generating 12.264 Mn kWh annually, enough to power 33,600 households and mitigating 11,651 tons of carbon emissions annually.

WEL has recently announced financial closure of its 20 MW Solapur, Maharashtra based solar project, INR 135 crore will be sourced through a consortium of leading financial institutions. Welspun Energy is committed to securing the energy future of the country. Presently Welspun Energy has built up more than 300 MW clean energy capacity on-ground, of this 111 MW clean energy projects are operational. The clean energy generator has time & again demonstrated its ability to design, engineer and build renewable projects with high performance outputs and low cost - delivery period.

About Welspun Energy Ltd.: (www.welspunenergy.com)

Welspun Energy Ltd. (WEL) is a leading independent developer of renewable energy projects with a vision of commissioning 1.75 GW of solar & wind projects. Presently Welspun Energy has built up more than 300 MW clean energy capacity on-ground, of this 111 MW clean energy projects are operational. The clean energy generator has time & again demonstrated its ability to design, engineer and build renewable projects with high performance outputs and low cost - delivery period. Part of the US$ 3.5 billion Welspun group, WEL draws on the know-how of its specialized team of scientists and engineers to design projects by employing cutting edge technologies. It also holds the distinction of winning India’s largest solar project of 151 MW. Through its strong commitment to triple bottom line, WEL is working for underserved communities in area of education, empowerment & healthcare. It is presently mitigating over 224694 tones of CO2 emissions annually.

Disclaimer:
The information in this release has been included in good faith and is for general purposes only. It should not be relied upon for any specific purpose and no representation or warranty is given as regards to its accuracy or completeness. No information in this press release shall constitute an invitation to invest in Welspun Energy Ltd. or any of its affiliates. Neither Welspun Energy Ltd, nor their or their affiliates' officers, employees or agents shall be liable for any loss, damage or expense arising out of any action taken on the basis of this press release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.