Indian renewable energy companies continue to attract significant funding as the country looks set for a renewable energy revolution.
One of India’s largest renewable energy projects developer, Welpsun Renewables, revealed this week (PDF) that it has raised a total of $617 million in fresh round of funding. The company raised $405 million in debt, $165 million through equity funding, and $65 million through another line of credit.
Welspun Renewables did not share the details of the equity investors in the latest round of funding, but did reveal that the Asian Development Bank and GE invested in the company last year. GE Energy Financial Services had invested in the largest solar power project in India operated by Welspun Renewables. GE Energy Financial Services picked up equity stake in the 151 MW (DC) solar PV project located in Madhya Pradesh. The Asian Development Bank invested $50 million to pick up 13.3% stake.
Welspun Renewables plan to have 5 GW worth of renewable energy capacity operational over the next 5 years, and is hoping to achieve 1 GW capacity operational by March 2016.
Over the next 5 to 7 years, Welspun Renewables plans to add 11 GW renewable energy capacity, including 8.66 GW of solar power and 2.34 GW wind energy capacity. The company has signed an agreement with the state government of Gujarat to install 1.1 GW of renewable energy capacity, including 500 MW of wind energy capacity and 600 MW of solar energy capacity.
Earlier this year, Welspun Energy also announced investment plans worth $2.5 billion to set up another 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.