Welspun Energy Ltd today said it will invest Rs 5,675 crore in developing two wind power projects in Karnataka over the next five years.
Welspun Energy, a part of $3.5 billion Welspun Group, signed initial agreements with the Karnataka government for setting up 100 MW and 750 MW capacity wind power projects in the state, the company said in a press statement here.
The projects are part of firm’s target to have 1,750 MW of wind and solar energy projects; 60 per cent of this would be wind energy projects and the rest solar power units.
Welspun Energy aims to develop 1,000 MW of wind power projects by 2014. It is targeting states like Karnataka, Gujarat, and Andhra Pradesh for the projects, according to the company website.
It signed MoU and expression of interest with the Karnataka government for the projects at Bijapur, Chitradurga and Belgam on June 7.
Earlier this year, the company had inked a MoU with the Government of Andhra Pradesh for installing 500 MW of wind power projects.
“We want to help create a greener empowered India and through our renewable energy projects Welspun Energy is effecting a change on ground. With the signing of these two projects we have moved exponentially forward in this direction,” the firm’s co-founder and Managing Director Mr Vineet Mittal said.
Karnataka is a natural choice for wind energy based power projects. With a potential of 11,500 MW wind energy capacity, Karnataka holds the third most favourable location in the country for wind based power projects.
India is ranked fifth in the world in terms of wind energy installed capacity. It has a gross potential of wind power of 48,561 MW and a total of close to 15,000 MW has been developed till date through various projects.