PTI reported that Welspun Energy Ltd has tied up finances to set up a 50-MW solar power project in Rajasthan.

Announcing the financial closure for the project, the company said it has secured a long-term project funding of INR 355 crore from a consortium of lenders comprising three public sector banks and one infrastructure finance firm.

Welspun had in January this year signed a power purchase agreement with NTPC Vidyut Vyapar Nigam Ltd power grading arm of the state owned power producer NTPC.

The 50 MW solar project in Rajasthan “is expected to be commissioned in the first quarter of 2013.”

Allocation of solar PV projects in Phase-1 of Jawaharlal Nehru National Solar Mission was done in two batches over two financial years 2010-2011 and 2011-2012.

The statement said that “Welspun Solar AP Pvt Ltd, a subsidiary of Welspun Energy, emerged as the only successful bidder for the 50 MW, the maximum capacity allowed for a single bidder. The weighted average tariff of INR 8.05 per unit quoted by the company was one of the lowest quoted at the time.”

Welspun Energy Managing Director Mr Vineet Mittal said that “The quick financial closure reinforces the faith and support of the financial sector in Welspun Energy’s credibility and unmatched skill at project execution, commissioning and power generation. As the leading producers of highly competitive clean and green power, it is our aim to achieve grid parity within the next few years and establish the value of renewable energy to India’s energy security.”

Source - PTI

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