Welspun Energy Limited, 100 per cent owned subsidiary of Welspun Group, is looking to invest Rs 1000 crore in Punjab to for 160 MW solar power plants.
A memorandum of understanding to generate around 160 MW is likely to be signed with the Punjab soon, after the land is finalised. "We are looking at power purchase agreement for 25 years," managing director Welspun Energy Limited Vineet Mittal told.
The company has set a target to generate 1750 MW (solar and wind energy) by 2017. It is likely to commission grid based solar projects of capacity 325 MW in this financial year. Welspun had already bagged a 35 (DC) solar power plant in Pun jab in July 2013. The agreement with Punjab government is likely to come with penalty clause in case of delay in implementation of projects. "Most of the projects have been completed ahead of schedule in the country. Our performance has been impeccable in setting up solar power projects," says Mittal.
Welspun Energy plans to invest around Rs 12,000 to 15,000 crore in renewable projects by 2017. The company is setting up renewable power projects of capacities 500 Mw in Karnataka, 700 MW in Andhra Pradesh, 100 MW in Gujarat and 100 MW in Madhya Pradesh. "We are aiming to commission capacity of 1000 MW solar and 750 MW wind energy by 2017," he said.
"Solar energy is not prone to inflation once the plant has been set up," Mittal said, adding that the alliances with global power majors were in offing.
Mittal said with the improvement in the technology requirement for land to set up solar projects has come down in the last few years. The ongoing financial restructuring has improved the fiscal health of the power utilities. "Some utilities have started paying in advance to avail discounts for the solar energy," he said.
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