Welspun Renewables receives US$617 million in funding

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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.