Welspun to invest Rs 15,000 crore in solar and wind in India

Welspun Group, a leading player in renewable energy space in India, has plans to invest Rs 15,000 crore in India over the next three years, a PTI report said quoting Welspun Group chairman B K Goenka.

Most of this fresh investment will be in solar space, with focus on Andhra Pradesh, Maharashtra, Punjab and Rajasthan. On the wind side, the company is planning to have 120 MW by the end of this fiscal itself, Goenka said.

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“We are planning to invest up to Rs 15,000 crore over the next three years in the renewable energy space to take our total generation to 1.75 GW. While we already have a commissioned capacity of 328 MW, mostly in the solar space, we have close to 725 MW under development,” Goenka said.

Welspun Group has two subsidiaries in the energy sector: Welspun Renewables Energy dedicated for the solar energy and Welspun Energy for the wind.

The new investment will be supported by ADB. Under this investment plan, Welspun Renewable Energy has plans to add at least 200 MW of solar power projects and 100 MW of wind power projects by March 2016.

Read: ADB invests in Welspun Energy for solar and wind projects

The company reported Rs 1,012.7 crores in revenue during the Apr-June quarter of the year, up 19 percent as against the Rs 849.9 crore in the same quarter previous year.

The company has already invested over Rs 3,000 crore into the power sector so far, Goenka added.

Commenting on their projects, Goenka said, “Our projects are among the highest generating ones in the country and we are largest solar power producer in the country today with 330 mw of generation.”

According to Goenka the surety of returns makes energy one of the most key areas to focus on. Also, there will be no dearth of demand for power in a power starved nation like ours, he added.

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