Welspun wins solar PV project in Madhya Pradesh

India's largest solar power developer has won a 125 MW solar photovoltaic project in Madhya Pradesh.

After the formal award of the project, Welspun Solar Madhya Pradesh Pvt Ltd will put up one solar photovoltaic project of 100 MW and another of 25 MW capacity.

"We bid Rs 8.05 per unit to bag the 125 megawatts out of 200 MW that was auctioned by the Madhya Pradesh government," Welspun Energy Ltd Managing Director Vineet Mittal said.

Mittal said the project will cost about $225 million and will be set up on barren tract of land in Mandsaur and Neemuch district of Madhya Pradesh in 18 months.

The project would be funded in 75:25 debt-equity ratio, he said adding typically, a solar power project costs Rs 9-10 crore per MW.

Madhya Pradesh conducted the auction through 'reverse bidding' process under which it would award projects to those who offer to sell power at the best or lowest rates.

It received bids for 430 MW for its tender for 200 MW, from 12 developers like Azure, which submitted a bid for 5 MW; BGR Energy, for 10 MW; Essel Infra Properties, for 30 MW; and IL&FS, for 50 MW.

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