Financial Closure of Welspun Energys Rajasthan Wind Project Achieved
Long term funding secured for IPP’s 20 MW wind power project
Leading financial institution supports WEL’s wind farm
Mumbai: Welspun Energy Ltd. (WEL) marks its expansion into wind energy by achieving financial closure of its 20 MW Jaisalmer based power project. The company has received a sanction exceeding INR 1.2 billion as against a debt requirement of INR 880 million. This also includes fully underwritten offer for the entire debt amount from a leading national financial institution. Entire project cost has been funded on a 75:25 debt equity ratio.
Welspun Energy Solar Rajasthan Pvt. Ltd., a fully owned subsidiary of the company had signed a Power Purchase Agreement (PPA) with the Rajasthan Renewable Energy Corporation Ltd. The state of Rajasthan has tremendous renewable energy potential and through this project Welspun Energy is expecting to power over 115,200 million households.
Speaking on the occasion, Mr. Vineet Mittal, Co-Founder & Managing Director, Welspun Energy Ltd, said, “India has a large untapped potential for wind energy and we believe harnessing clean energy resources will bridge the power shortage. The continued trust displayed by financial institutions proves that Welspun Energy is consistently delivering to the expectations of its stakeholders. With an industry projected growth of 20% per year and favorable policy ecosystem, we are looking at a steady growth curve. The Rajasthan 20 MW project is the first of many milestones that we will be announcing shortly.”
Committed to harnessing the potential of renewable energy resources, WEL has been supporting the State Government of Rajasthan in achieving its clean energy commitments. Earlier this year, Welspun Energy had commissioned India’s largest solar project of 55 MW in Jodhpur district.
Welspun Energy has built up more than 300 MW clean energy capacity on-ground, of this 111 MW are commissioned and the rest under construction. WEL aims to commission 1.75 GW of Solar & Wind projects. With a focus on green technologies and triple bottom-line, Welspun Energy is interweaving inclusive growth, social, economic and environmental sustenance in its projects, for providing sustainable energy for all by year 2030.
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.
Press Contact:
Atul Malikram