Welspun inks Punjab deal for Rs1,350 cr solar power project

Welspun Energy on Wednesday announced that it had signed an agreement to with the Punjab government under which it will invest Rs1,350 crore in the next three years to set up 150 MW solar power project in Punjab.

In a statement, the company said it had entered into a memorandum of understanding (MoU) with the Punjab government for the solar power project in the state, where Welspun is already developing a 35 MW solar project. The project is likely to begin commercial operations by 2017.

Welspun Energy has also bagged Asia's largest and the world's second largest solar power project of 151 MW at Neemuch, Rajasthan.

"The partnership with Government of Punjab is in line with our commitment of lighting India with clean, sustainable energy. We look forward to working in close collaboration with the local authorities to develop efficient and world class solar capacities for the state," Welspun Energy managing director Vineet Mittal said in the statement. 

The project will supply clean energy to 72 lakh families. With the commissioning of this project, an estimated 24,96,602 tonnes of carbon dioxide emissions will be reduced each year, the statement claimed.

At present, Punjab has an installed power capacity of close to 8,000 MW, of which just 9 MW is solar.