Welspun Energy finishes funding huge Indian solar project

Obtains US$161 million financing for India’s largest solar farm.

Construction of the 130MW farm in Mandsaur, Madhya Pradesh is already in progress and the farm is to become operational by May 2014. The completion of this project will make Welspun Energy the largest solar power developer in India.

Vineet Mittal, co-founder and Managing Director at Welspun Energy, said the company’s innovative engineering capabilities has consistently demonstrated that solar tariff can be brought to grid parity in a span of two years.

“Through the continued support of our financial partners, we are confident that the 130MW project will be commissioned as per committed.”

The company claims its project will erase Madhya Pradesh’s annual power deficit of 17.9%.

The Central Bank of India has been appointed the lead lender and facility agent for the consortium of financiers backing the project.

Welspun Energy has over 300MW of clean energy projects, of which 111MW is operational with the rest under construction.