Welspun Energy signs MoU with Government of Punjab

INDORE, India - Jan. 9, 2014 - PRLog -- Welspun Energy signs MoU with Government of Punjab to set up 150 MW solar project

WEL to invest INR 1350 crore as part of the MoU

India’s leading clean energy developer Welspun Energy Limited (WEL) today announced an MoU with Punjab government to set up solar power project of 150 MW capacity. WEL will invest over INR 1300 crore for setting up this solar project over the next three years. WEL is already developing a 35 (DC) MW solar project in the state of Punjab.

This 150 MW project, slated to begin commercial operations by 2017, will bring relief to the state of Punjab that has been facing insufficient and erratic power supply and been battling high power tariffs. A recent report by the Central Electricity Authority (CEA) claimed that the State of Punjab is likely to experience an overall power shortage of 19.7% and the peak shortage of 25.6% in 2013-14.

Mr. Vineet Mittal, Managing Director Welspun Energy Ltd. said, “The partnership with Government of Punjab is in line with our commitment of lighting India with clean, sustainable energy. Our position as the leading clean energy developer in the country makes us the ideal partners for this project. We look forward to working in close collaboration with the local authorities to develop efficient and world class solar capacities for the state.”

This 150 MW project would put Punjab in race for renewable energy with leading states like Gujarat and Rajasthan. The Photovoltaic project will supply clean energy to power 0.72 million families. With the commissioning of this project, an estimated 24,96,602 tonnes of carbon dioxide emissions will be mitigated each year.

Presently, Punjab has an installed solar capacity of around 9 MW. The state government is aggressively working towards increasing its dependence on non-conventional sources of energy for power generation. As part of these efforts, the state awarded projects to 26 private players for setting up 250 MW solar power units in 2013.

Welspun Energy has built expertise in constructing mega capacity projects and is one of the largest renewable energy plant developers across the country. It holds the unique distinction of bagging the Asia’s largest and world’s second largest solar power project of 151 (DC) MW at Neemuch.  According to independent industry reports WEL’s solar projects are outperforming those developed by other IPPs in similar environment and capacity.

Welspun Energy has successfully developed it’s projects well before their scheduled deadline and at a lower cost ratio as compared to other players in this sector. WEL has more than 600 MW clean energy projects in the pipeline and most of these are already operational. The organization envisions developing power projects pan India, with Gujarat, Andhra Pradesh, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Tamil Nadu being major states of focus. WEL’s power projects aim to contribute to the nation’s energy security agenda.

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Atul Malikram

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