In India, ambitions for solar are large but details are often lacking. On Tuesday the private renewable energy project division of India's Welspun Group announced an $617 million infusion of funding for its operations, but where all the money came from and how it will be spent is far from clear.
The only hint in the brief press statement is Welspun referencing its goal to set up 5 GW of renewable energy, including 1 GW well within the current financial year. The company's current wind and solar projects span eight Indian states, and include a 151 MW-DC PV project in Madhya Pradesh.
Funding includes $405 million in debt and a $47 million line of credit, and also $165 million in equity investments. Returning investors include the Asian Development Bank (ADB) and General Electric, who were joined by un-named new investors.
In June ADB invested $50 million in Welspun, which was described as the bank's largest direct equity investment of renewable energy. There is no mention of who is supplying Welspun with $452 million in loans and credit.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.