Welspun Energy, India's biggest developer of solar projects, said it will invest INR1,000 crore (US$183 million) to set up a 100 mega-watt solar power project in Chattisgarh, central India.
It is understood that Welspun Energy subsidiary, Welspun Renewables Energy, has signed a memorandum of understanding with Chattisgarh state government for installing the 100MW solar power project.
In a statement issued yesterday the company said: “The project is to be commenced in 2015, entailing an estimated investment of INR1,000 crore.”
Welspun Energy said the project would play a crucial role in its aims of achieving an annual CO2 emission reduction of 158,118 tonnes.
The state government will facilitate the approvals, land acquisition, registration and clearances for the project.
Welspun is developing more than 250MW solar and 800MW wind capacity in other parts of India.
It plans to commission 1.7GW of solar and wind power projects within the next three years.
In May this year PV-Tech reported how Welspun Energy had won the bid for a 250MW PV project in Madhya Pradesh, also in central India.
Welspun secured the contract by quoting a tariff of Rs8.05 per unit, compared to the current feed-in tariff in Madhya Pradesh, which is INR15.35 per unit. Welspun said it would develop one 100MW PV plant and another 25MW plant in the region 19 months after winning the bid.
Vineet Mittal, co-founder and MD of Welspun Energy, said: “A careful balance needs to be maintained for meeting India's accelerating energy needs. De-carbonising production and accelerating economic activity has to be balanced.”
Mittal added: “The state governments have to adopt a proactive role. Green enerby can be made affordable if more and more states take initiatives to expand their renewable portfolio. Dependence on fossil fuels must decrease.”