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Welspun Energy, a developer of renewable energy projects, has achieved financial closure for a 20-MW wind energy project in Rajasthan.
According to a press release from the company, the project to come up in Jaisalmer has been sanctioned Rs 120-crore debt against a required Rs 88 crore. The sanction includes a fully underwritten offer for the debt from a leading national financial institution. The project is to be funded through 75 per cent debt and 25 per cent equity.
Welspun Energy Solar Rajasthan, a subsidiary which is to put up the project, has signed a power purchase agreement with the State-run Rajasthan Renewable Energy Corporation. The company plans to power over 1.15 lakh households. Earlier this year, Welspun Energy commissioned one of India’s largest solar project of 55 MW in Jodhpur District in Rajasthan. Welspun Energy has built over 300 MW of renewable energy generation capacity with this 111 MW commissioned and the rest under construction.
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