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Welspun Energy to invest Rs 150 billion in renewable projects

According to reports, Welspun Energy, a part of diversified Welspun group, plans to invest about Rs 15,000 crore in solar and wind projects in the country in the next five years.

The focus would be on states such as Rajasthan, Madhya Pradesh, Gujarat, Andhra Pradesh and Karnataka for renewable projects, Welspun Energy Managing Director and co-founder Vineet Mittal said.

“The company plans to invest Rs 15,000 crore in the next five years in solar and wind energy sectors,” he told PTI.

At present, Welspun Energy has about 30 MW installed solar project and expects to add another 80 MW capacity by the end of this year. Further, the entity expects to have 150 MW wind energy capacity.

The entity aims to have 1,000 MW wind and 500 MW solar projects by 2014.

According to Mittal, the company is actively looking at opportunities for renewable projects in Africa, especially South Africa and Kenya.

“We are looking at bidding for projects in South Africa and Kenya … where eco-system is very good, payment security mechanism is there and solar policy is good,” he said.

“We as a corporate feel that solar power would be what mobile was for telecom, solar and wind are two proven large scale sources of renewable energy,” Mittal added.

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