Welspun Energy’s 151 MW solar PV project in Madhya Pradesh, India | Credit: Welspun Energy
Indian renewable energy companies are preparing for long-term investments as the new government gets ready to introduce favorable regulatory initiatives to expand renewable energy infrastructure.
One of India’s leading renewable energy companies, Welspun Group, has announced plans to invest Rs 15,000 crore – or $2.5 billion US – to develop wind and solar power capacity over the next three years. The group hopes to have an installed renewable energy capacity of 1.75 GW by the end of the next three years. So far, the group has installed 330 MW capacity, while 750 MW capacity is under development.
The group will continue to invest heavily in the development of solar power capacity; it also expected to install about 120 MW of wind energy capacity by March of next year. The company will invest in Andhra Pradesh, Maharashtra, Punjab, and Rajasthan to develop solar power projects.
Earlier this year, Welspun Energy commissioned Asia’s largest solar power project. The 151 MW that required an investment of $177 million is located in the central state of Madhya Pradesh, and started generation around February this year.
The project attracted $24 million investment from GE Energy Financial Services earlier this year. Welspun Energy had taken debt worth $150 million for implementing this project, and the equity investment made by GE Energy Financial Services will be used to pay off a portion of the debt.
More recently, the Asian Development Bank had invested $50 million to pick up 13.3% equity stake in a subsidiary of Welspun Energy, Welspun Renewables Energy Limited. The company will use this investment to add more than 250 MW of renewable energy capacity by March 2016.
The company may take additional measures to raised funds to finance the implementation of the envisaged capacity. For this purpose the Asian Development Bank may assist the company to launch an initial public offer.
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