Welspun Energy Limited on Wednesday informed that the company will make investments worth Rs 15,000 crore in the next three years for renewable energy capacities in India. The board of directors of the company has recently given its approval for the investment plans, a top company official informed in Gandhinagar on Wednesday.
"So far, we have invested around Rs 3500 crore for power capacities in the renewable energy space. The board of directors has recently approved investment plans of around Rs 15,000 crore for renewable energy over the next three years," said Vineet Mittal, co-founder and managing director, Welspun Energy Ltd.
What's more, as a part of its investment plans in renewable energy, Welspun will sign memorandums of understanding (MoUs) with Gujarat Energy Development Authority (GEDA) for 200 megawatts (Mw) of renewable energy certificates (RECs). "We will sign MoUs with GEDA for the 200 Mw RECs including 100 Mw in solar and 100 Mw in wind power generation amounting to around Rs 1200 crore," he said.
Renewable energy companies are given RECs against the quantum of power they supply into the grid. RECs are traded on the power exchanges. By trading RECs, project developers can partly recover their cost.
The company currently has around 50 Mw of operational solar power capacities in Gujarat, while 10 Mw is located in Rajasthan.
According to Mittal, the company is working ahead of schedule for one of the largest solar projects of 150 Mw in Madhya Pradesh. "We are six months ahead of schedule on one of the world's largest solar projects in Madhya Pradesh and will commission it in September this year," he added. Mittal also informed that the company would be the first to implement a 50 Mw solar power project under Jawaharlal Nehru National Solar Mission (JNNSM). The project is located at Rajasthan and is likely to be commissioned in a month's time.