Welspun Renewables, one of India’s leading renewable energy generator, has received another round of funding of USD $617 million.
The investment has been through a combination of debt and equity infusion by the promoters, existing and new investors with the following structure: US$405 million in debt, US$165 million in equity and US$47 million in the form of a line of credit.
General Electric (GE) has participated in this second round of founding. GE had already invested in the first round. It is unclear if the Asian development Bank, who also invested in the first round, participated in this second round of investment.
Mr. Vineet Mittal, Vice Chairman Welspun Renewables said:
“WREPL’s power plants are among the highest generating projects in the country and have been built ahead of committed timelines – thanks to our superior EPC capabilities. Being the leaders in this space, we have been setting benchmarks for the entire industry to follow. These deals continue to prove that renewable energy sector is a preferred investment choice and global players are willing to commit to help grow the industry. Just last year, two of the biggest international names – The Asian Development Bank and General Electric made significant investments in our operations. We are grateful for the support”.
The organization is committed to setting up 5 GW capacities and of this 1 GW will be commissioned well within this financial year. At present the organization’s solar and wind projects are spread across 8 different states in the country.