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Welspun Signs 150-Megawatt Solar Agreement in India

According to reports, Welspun Energy Ltd., India’s largest photovoltaic developer, agreed to build 150 megawatts of solar plants in Punjab state to almost double clean-energy capacity.

The company plans to invest 13.5 billion rupees ($217 million) to complete the projects by 2017, Welspun Energy Managing Director Vineet Mittal said today by phone. That’s in addition to a 35-megawatt plant under construction and scheduled to be finished in September, he said.

The agreement will help Punjab’s power distribution utility get enough clean power to meet mandatory renewable-energy targets, Mittal said. The state electricity regulator in August ordered the utility to comply with rules to get at least 0.13 percent of its power from solar after missing its target for two years because of a shortage of capacity in the state.

The New Delhi-based developer, a unit of Leon Black’s Apollo Global Management LLC-backed Welspun Group, has 166 megawatts of wind and solar projects operating. Welspun Energy plans to more than triple that to 600 megawatts by the end of the year, Mittal said.

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