Welspun Energy ties up loan for Jaisalmer wind power project

Welspun Energy said it has been sanctioned Rs 120 crore loan for its 20 MW wind energy project.

Written by Press Trust Of India | New Delhi | Published: May 16, 2013 3:29:18 pm

Welspun Energy today said it has been sanctioned Rs 120 crore loan for its 20 MW wind power project at Jaisalmer in Rajasthan.

“Welspun Energy has achieved financial closure of its 20 MW wind power project at Jaisalmer,” the company said in a statement.

“The company has received a sanction exceeding Rs 120 crore as against a debt requirement of Rs 88 crore,” it said.

The entire project cost has been funded on a 75:25 debt- equity ratio.

Welspun Energy Solar Rajasthan,a fully owned subsidiary of the company had signed a Power Purchase Agreement (PPA) with the Rajasthan Renewable Energy Corporation.

Rajasthan has tremendous renewable energy potential and through this project Welspun Energy is expecting to power over 1,15,200 households,the statement said.

“India has a large untapped potential for wind energy and we believe harnessing clean energy resources will bridge the power shortage. The Rajasthan 20 MW project is the first of many milestones that we will be announcing shortly,” said Vineet Mittal,Co-Founder & Managing Director,Welspun Energy.

Earlier this year,Welspun Energy had commissioned India¿s largest solar project of 55 MW in Jodhpur district.

Welspun Energy has built up more than 300 MW clean energy capacity on-ground,of this 111 MW are commissioned and the rest under construction.

It aims to commission 1,75,000 MW of Solar and Wind projects.

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