Welspun plans 100 MW PV project in India

In a statement released, the India-based company said it signed the MOU with the government of Chattisgarh for the installation of 100 MW, which is scheduled to be commenced in 2015. Around Rs. 1,000 (US$183.7 million, €143.6 million) is expected to be invested in the project. "The Government of Chattisgarh will facilitate the necessary approvals, permission, land acquisition, registration & clearances for the project," it added.

Overall, parent company, Welspun Energy Ltd is developing over 250 MW of solar and 800 MW of wind projects in India. It aims to commission a total of 1.7 GW in the next three years. Recently, it completed financial closure on a 50 MW solar project in Rajasthan, and was awarded a contract to develop a 130 MW solar project in Madhya Pradesh.

"A careful balance needs to be maintained for meeting India’s accelerating energy needs," stated Vineet Mittal, co-founder and managing director of Welspun Energy. "The state governments have to adopt a proactive role to meet their RPO targets. Green energy can be made affordable if more and more states take initiatives to expand their renewable portfolio …We want to bring a change in this power equation and with this MoU we are taking our first step in this direction in Chhattisgarh."