According to reports, Welspun Energy Ltd has commissioned an 8-MW solar project at Chitradurga in Karnataka.
The company has executed the project through a subsidiary, Welspun Solar Kannada Ltd, under the State’s new renewable energy policy.
“For power evacuation, we have signed a power purchase agreement with Mangalore Electric Supply Company (Mescom),” Vineet Mittal, Managing Director, Welspun Energy, told Business Line.
“The contracted rate with Mescom is Rs 8.50 per kWh. Currently, we are focusing on this project to begin commercial operations this month. Earlier, we had scheduled it be ready by March 2014.”
The project is to address Karnataka’s annual peak deficit of 27.4 per cent by generating 12.264 mn kWh annually, enough to power 33,600 households. The company has deployed a tracking system at the site. “This will track the path of the sun and is expected to give a significant boost to power generation in comparison to the fixed tilt system,” Mittal said.
The Karnataka project is being executed in phases.
The State Government allotted a total of 200 MW capacity in two phases. “Under phase-I, bids for 70 MW were opened, of which WEL won contract for 7 MW project. Again under Phase-II, WEL won a 10-MW solar project,” said Mittal.
The company has spent Rs 200 crore to develop 8 MW and 10 MW projects. “We raise funds for all our projects through an approximate debt-equity ratio of 75:25,” said Mittal.