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Welspun Energy Ltd on Wednesday unveiled a 55-MW solar plant in Rajasthan.
The Rs 500-crore project, stated to be Asia's largest single-location solar plant, was inaugurated by Union Minister for New and Renewable Energy, Farooq Abdullah, and Rajasthan Chief Minister Ashok Gehlot.
Welspun said it had a target to invest Rs 15,000 crore to set up 1,750 MW of renewable energy projects in the next three years.
At present, it has an operating capacity of around 150 MW. This would go up to 400 MW by the end of the current fiscal, Vineet Mittal, co-founder and Managing Director of Welspun Energy, told Business Line .
The company would raise domestic loans to fund the expansion plans, Mittal said without divulging further details.
“We are seeing tariffs going up. If you see last year, the tariff was around Rs 8.50 a unit in Maharashtra and in Punjab it was around Rs 8.70 a unit,” Mittal said.
Welspun's project build-up plan includes 850 MW wind and 550 MW solar plants in Karnataka. In Rajasthan, the privately-held company aims to develop wind capacity of around 300 MW.
Signs deals
In addition, Welspun has signed MoUs with Andhra Pradesh and Chhattisgarh to set up 500 MW wind and 100 MW solar capacities.
The new solar project, located near Phalodi in Jodhpur District, was developed in three phases of 15, 15 and 20 MW. The project was completed in five months.
“The project is one of the highest plant load factor generating plants of the country. It touched 26 per cent DC plant load factor, a figure much higher than those of its neighbouring plants,” Welspun said.
The solar farm will generate 90 million units of electricity annually.
Welspun bagged the project under the National Solar Mission, where NTPC Vidyut Vyapar Nigam Ltd is the nodal agency for the bidding process.
(The correspondent is visiting Rajasthan on the invitation of Welspun Energy Ltd)
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