Welspun Energy to install 100 MW solar plant in India

Welspun Renewables Energy, a subsidiary of India-based Welspun Energy, signed an agreement with the Government of Chattisgarh to install a 100 MW Solar Power project.

The project is estimated to cost INR10bn ($0.18bn) and commence operations in 2015 in the Indian state of Chattisgarh.

The state goverment would assist will necessary approvals, permission, land acquisition, registration & clearances for the project.

Welspun Energy co-founder and managing director Vineet Mittal stated that India’s accelerating energy needs requires balance.

"Decarbonizing production and accelerating economic activity has to be balanced. The state governments have to adopt a proactive role to meet their RPO targets," Mittal said.

"Green energy can be made affordable if more and more states take initiatives to expand their renewable portfolio. Dependence on fossil fuels must decrease.

"We want to bring a change in this power equation and with this MoU we are taking our first step in this direction in Chhattisgarh," Mittal added.

Welspun Energy has further plans to commission 1.7GW of solar and wind power projects in the next three years.

The company is currently seeking appropriate funding for the project. Welspun Energy had recently secured funding for its 50MW solar project in Rajasthan from a consortium of banks.