Welspun Renewables Energy Ltd (WREL) has inked a memorandum of understanding with the Chattisgarh Government for installing a 100 MW solar power project.
The renewables unit, part of Welspun Energy Ltd, will invest about Rs 1,000 crore on the project.
The Chattisgarh government will facilitate approvals, permission, land acquisition, registration and clearances for the project.
Recently, the company won a 130 MW solar power project mandate through a bidding process in Madhya Pradesh.
Vineet Mittal, Co-founder and Managing Director of Welspun Energy, in a statement said, “WEL is confident of sourcing appropriate funding for this project in time. The company recently achieved financial closure for a 50 MW solar project in Rajasthan. A consortium of banks led by Central Bank of India have supported this project.”
However, an uncertain policy framework and payment security issues create edginess in investors to support power projects, he felt.
With this, WEL is developing more than 250 MW of solar and 800 MW of wind capacity in Rajasthan, Madhya Pradesh and Karnataka.