Welspun India’s business arm - Welspun Energy (WEL), India’s biggest developer of solar projects has invested Rs 885 crore for its 130 megawatt (MW) solar project in Madhya Pradesh. It has arranged the fund from a banking consortium led by the Central Bank of India.
The company aims to commission the project located in Mindshare district of Madhya Pradesh by May 2014. The 130 MW project is the largest solar project in the country. WEL, which outbid 12 others to get the project, had agreed to sell power at Rs 8.05 per unit. The project will meet the state’s annual power deficit of 17.9% and will enable powering of 660,000 homes and mitigating 229,550 tonnes of carbon annually.
Welspun Energy is part of the $3.5 billion Welspun Group, which has interests in power generation, infrastructure, exploration and production of oil and natural gas, steel pipes and textiles.