Web Exclusive | June 2013
Welspun sercures funding for its Karnataka solar project
For its solar project in Karnataka Welspun Energy, India's biggest developer of solar projects, on June 25 said it has got Rs 48.75 crore funding from financial institutions. The 7 mw project located in Chitradurga district will cost Rs 65 crore and is being funded in 75:25 debt-equity ratio. For the debt part, the company 'obtained Rs 48.75 crore investment from leading financial institutions, Welspun Energy said in a statement.
Welspun Solar Kannada Pvt Ltd, Welspun Energy's subsidiary, is developing the project under the Karnataka State Policy. Tracker technology will be implemented for 1 mw capacity, of the total project capacity of 7 mw. On ground work for the project is already in progress. As per the PPA signed with Mangalore Electric Supply Company ( MESCOM) the power plant needs to begin commercial operations by March 2014, it said.