Welspun Energy, a leading renewable energy developer in India, has announced fresh investment plans as it plans to expand its solar and wind energy generation capacity.
Welspun Energy has signed agreements with the state government of Gujarat to install 1.1 GW of renewable energy capacity. The agreement includes 500 MW of wind energy capacity and 600 MW of solar energy capacity.
The agreement is in addition to similar commitments made by other Indian and foreign companies at the recently concluded Vibrant Gujarat investor summit. Suzlon Energy announced $3.7 billion investment in solar and wind energy capacity. SunEdison announced $4 billion investment in solar photovoltaic module manufacturing unit in collaboration with an Indian company.
Welspun Energy already has a significant footprint in the renewable energy sector. The company operates India’s largest solar power project developed by a single company. The solar photovoltaic power project, with an installed capacity of 151 MW, is located in the state of Madhya Pradesh.
The company has adopted a two-pronged approach of installing renewable energy projects by participating in auctions as well as through direct agreements with relevant government agencies. As the domain of competitive auction heats up, the route of direct agreements has now become more attractive.
Earlier this year, Welspun Energy announced investment plans worth $2.5 billion to set up around 1.5 GW renewable energy capacity over the next three years. The company currently has an installed capacity of around 350 MW and is working on projects worth 750 MW.
Welspun Energy has attracted significant debt and equity investments from the leading financial institutions and equity funds. KfW, Asian Development Bank, and GE Energy Financial Services are some of the entities which made investments in the company.
Image Credit: Welspun Energy
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