Welspun Solar wins 125MW solar project in India

Welspun Solar Madhya Pradesh (WSMP), a wholly owned subsidiary of Welspun Renewable Private Limited has bagged 125MW solar photovoltaic (PV) project in the state of Madhya Pradesh, India.

The company will invest $225m to develop the project in the Mandsaur district in the Malwa region.

WSMP will construct one solar photo voltaic project of 100MW and another of 25MW capacities.

Welspun Energy co-founder and managing director Vineet Mittal said as India needs to ensure widespread energy access at affordable prices curtailing dependence on fossil fuels.

"Solar energy is the best option in this scenario. I believe that India can be the path breaker, by bring electricity at affordable prices to all its cities and villages," said Mittal.

"Welspun Energy has been continually demonstrating that solar tariff can be brought to grid parity."

"In close to two years the tariffs have come down significantly. Innovation will continue to be the key in bringing solar to grid parity.

The company intends to complete the project in 19 months, following the signing of a power purchase agreement.

The project is expected to meet the power needs of 6,60,000 homes and mitigating 2, 29,550 tonnes of carbon per year.

The company secured the project through a bidding process conducted by Madhya Pradesh Power Management Company.

Welspun Energy is part of Welspun Group, an Indian conglomerates with businesses in power generation, infrastructure, exploration and production of oil and natural gas, steel pipes and textiles.