ADB invests USD 50 million into Welspun Renewables; largest direct equity investment in the renewable energy sector

WREPL has 328 MW (DC) operational capacity of renewable energy generation till date
WREPL has 328 MW (DC) operational capacity of renewable energy generation till date

The Asian Development Bank (ADB) has invested part of a US$50 million commitment of equity capital into Welspun Renewables Energy Private Limited (WREPL, New Delhi, India).

This deal will help demonstrate that profitable investments are achievable in the renewable energy space and will help catalyze more private investments, Welspun emphasizes.

“With a vision aimed towards securing energy security for the country, Welspun Renewables has emerged as one of the leading independent developers of renewable energy projects in India within a short span of time,” said Welspun’s Vice Chairman, Vineet Mittal.

“With this investment, the renewable energy sector has got a much needed shot in the arm, it shows the promise that this sector can realize and ADB’s investment is a testimony to that. With this deal, we can only hope that India becomes a shining example of focusing on clean energy to meet its energy security needs and help build a cleaner, greener India for the generations to come.”

 

General Electric invested USD 24 million in 151 MW PV plant located in Madhya Pradesh

WREPL operates one of the world’s largest solar photovoltaic (PV) projects which is located in Neemuch district of Madhya Pradesh with a nameplate capacity of 151 MW (DC).

Spread across eight states, WREPL has 328 MW (DC) operational capacity of renewable energy generation till date. The company plans to set up a total renewable capacity of 1,750 MW in solar and wind in next three years with an incremental capital outlay in excess of INR 11,000 crores.

Close on the heels of the recent USD 24 million General Electric investment in its Neemuch project; this is yet another positive milestone for the organization and a boost to the sector at large.

 

2014-06-23 | Courtesy: Welspun Renewables Energy Private Limited | solarserver.com © Heindl Server GmbH

Our editorial selection of breaking solar news is published at:
http://www.solarserver.com/solar-magazine/solar-news/top-solar-news.html