Welspun Renewables Energy Pvt. Ltd. (WREPL) has closed financing for its 126 MW wind project in Rajasthan, India.
Debt component of Rs6.3 billion (US$101.4 million ) has been secured through long term funding from a consortium of leading financial institutions.
WREPL’s penchant of building its projects way before committed deadlines has instilled confidence in financial institutions. Slated to be commissioned by June’2015, the on-ground construction work for the project has progressed well ahead of schedule. While the industry has been facing funding challenges, WREPL has been successful in organizing financing for its projects. Apart from receiving backing from national institutions, Welspun Renewables has also received infusion from a major international financial institution.
Mr. Vineet Mittal, Vice Chairman Welspun Renewables Energy Pvt. Ltd. said,
“The financial closure of the Pratapgarh project has boosted our confidence. The trust shown in us by financial institutions is entirely due to Welspun Renewables consistent performance in the last few years. We have commissioned our projects well within the committed timelines and many of these are being numbered among the highest generating power plants in the country. We are aggressively focusing on our wind portfolio now.”
Welspun Renewables had conducted an extensive wind velocity study of the site for nearly three years, prior to closing in on the project location. The Pratapgarh district is one of the highest wind velocity sites in the state. Once commissioned, this project will generate an estimated 290 million units of clean energy.
The company has successfully developed 328 MW capacity of Solar PV projects across the country. WREPL has been aggressively working to build a sizable wind portfolio across high velocity sites. The independent power produces (IPP) is constructing wind and solar projects across the country.