Welspun Gets Funding For Karnataka Solar Project


New Delhi: Welspun Energy, India's biggest developer of solar projects, said it has got 48.75 crore funding from financial institutions for its Karnataka solar project.

The 7 MW project located in Chitradurga district will cost 65 crore and is being funded in 75:25 debt-equity ratio.

For the debt part, the company "obtained 48.75 crore investment from leading financial institutions," Welspun Energy said in a statement.

The project is being developed by the firm's subsidiary Welspun Solar Kannada 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. "Keeping with its execution track recorder, WEL will commission this project well before the timeline."

The tracking system deployed at the site would track the path of the sun since morning till evening. This system is expected to give a significant boost to power generation percentage in comparison to the fixed tilt system.

Source: PTI