Welspun Energy said it has inked an memorandum of understanding with the Punjab Government to set up a 150 MW solar power project.
Welspun will invest over Rs 1,300 crore in the project over the next three years. It is already developing a 35 (DC) MW solar project in the State.
The 150 MW project will start commercial operations by 2017.
Vineet Mittal, Managing Director, Welspun Energy, said, “We look forward to working in close collaboration with the local authorities to develop efficient and world class solar capacities for the State.”
Welspun said Punjab has an installed solar capacity of about nine MW. The state government was working towards increasing its dependence on non-conventional sources of energy and had awarded projects to 26 private players for setting up 250 MW of solar power in 2013.