Welspun Energy secures $64M funding for 50MW Indian solar project

Welspun Energy has raised about Rs3.55bn or $64.11 million to fund a 50MW solar photovoltaic project in Rajasthan.

The long-term project funding was secured from a consortium of lenders comprising three public sector banks and one infrastructure finance firm.

Vineet Mittal, Welspun Energy managing director, said this is a major development for the company and the renewable energy sector.

"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," Mittal added.

Welspun signed a power purchase agreement with NTPC Vidyut Vyapar Nigam, the power grading arm of state-owned power producer NTPC, on 27 January 2012.

It said the weighted average tariff of Rs8.05 ($0.15) per unit quoted at the time was one of the lowest.

The project is likely to be commissioned in the first quarter of 2013.