India-based PV developer Welspun Renewables has received a new round of funding totalling US$617 million to develop wind and solar PV power plants in India.
Welspun said it had secured funding via a combination of debt and equity by promoters, existing and new investors, which included US$405 million in debt, US$165 million in equity and US$47 million in line of credit.
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Vineet Mittal, Vice Chairman Welspun Renewables said, “WREPL’s power plants are among the highest generating projects in the country and have been built ahead of committed timelines – thanks to our superior EPC capabilities. Being the leaders in this space, we have been setting benchmarks for the entire industry to follow. These deals continue to prove that renewable energy sector is a preferred investment choice and global players are willing to commit to help grow the industry. Just last year, two of the biggest international names – The Asian Development Bank and General Electric made significant investments in our operations. We are grateful for the support”.
The company said it had project pipeline plans of 5GW, including 1GW of completions in FY2015.