Indian renewable energy generator Welspun Energy has finalised the financing of a 20MW solar project in Solapur, Maharashtra.
A consortium of unnamed financial institutions have committed to long-term project funding of INR135 crore, with a debt-equity ratio of 75:25.
The project will be taken forward by Welspun subsidiary Welspun Energy Maharashtra.
Electricity from the project will be sold to Brihanmumbai Electric Supply & Transport Undertaking, Mumbai’s transport and electricity body.
The project will go some way towards addressing the state of Maharashtra’s annual peak energy deficit, which runs at just under 15%.
Vineet Mittal, managing director of Welspun Energy, said “Welspun Energy’s growth is in response to our conviction that renewables will be the source of future clean and inexhaustible energy. With the support shown by our institutional partners we will commission this project well in time and budgeted costs.”
Welspun Energy has plans to install 1.75GW of solar across India.