Wednesday, June 25, 2014: Welspun Energy group company has raised $50 million committed equity capital from The Asian Development Bank (ADB) for development of wind and solar projects. With this investments, Welspun Renewable Energy Pvt Ltd aims to add 100 MW of wind projects and 200 MW of solar projects by March 2016.
The company said in official statement that “This equity capital proves that profitable investments can be raised in renewable energy space. This will help to grow more private investments.”
Welspun aims to expand up to 1750 MW worth solar and wind power projects in next three years along with capital outlay of Rs 11,000 crore. The company has operational projects in Maharashtra, Gujarat, Madhya Pradesha, Andra Pradesha and Rajasthan which are capable of generating 328 MW of energy. The company has recently received $24 million investment from General Electric in their Neemuch project of 151 MW. ADB’s investment is milestone for Welpsun.
Vineet Mittal, vice chairman of Weslpun Renewable Energy said, “The renewable energy sector has got much needed approval with this huge investment. It shows that this sector has growth potential. We can hope that India becomes ideal example for our focus on green energy, with this deal. We are hoping to fulfil country’s energy needs and build greener India in coming future.”
The ADB’s document said, “Private sector’s share in total energy capacity of renewable energy is expected to grow to 50 per cent by 2023, which was 33 per cent in 2011. Government policies in India have always been in favour of renewable power. The project by Welspun is aiming to start by 2017, which will help to avoid 400,000 tonnes of CO2 emissions per year. The project will have capacity to generate over 540 gigawatt per hour electricity. The project will also create employment opportunities.”
