Welspun to develop Mahagenco’s 50 MW PPP solar project near Pune

Welspun Energy has bagged contract from state-run Maharashtra State Power Generation Company (Mahagenco) for developing a 50 MW grid interactive solar power project in Baramati, Pune district.

Welspun will buid, operate and maintain the project on a revenue sharing basis for 25 years with Mahagenco. It will get 38.75 per cent revenue share at an annual capacity utilisation factor of 19 per cent.

"Welspun Energy has been issued letter of agreement as it has emerged as the highest revenue sharing bidder for Mahagenco," the state power generator said in a statement today.

Mahagenco will invest Rs150 crore for the plant. Financial assistance for the project will be provided through a soft loan from KFW Bank of Germany. The balance finance will be shared by Welspun Energy Ltd.

Welspun would be fully responsible for part-financing, designing and commissioning of the grid interactive solar power project. In the first phase, a 36 MW solar plant would be installed on 74 hectares of government land, which has already been acquired by Mahagenco, the company said in a press release.

The remaining capacity will be installed after acquiring 30 hectares of land required for the project.

"The project will be installed in two phases. The first phase of 36 MW will be installed on 74.74 hectares of government land, which Mahagenco has already acquired. The remaining 14 MW capacity will be installed after acquisition of balance 29.97 hectares required for the project," the statement said.

Other bidders for Mahagenco's PPP project included Tata Power and Essel Power.