India’s largest solar power project to come up in MP

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Welspun Group, the country’s largest solar power developer, has won a 125 MW solar photovoltaic project in Madhya Pradesh, says a PTI report.

“We bid Rs 8.05 per unit to bag the 125 megawatts (MW) out of 200 MW that was auctioned by the Madhya Pradesh government,”Vineet Mittal, managing director, Welspun Energy Ltd said.

After the formal award of the project, Welspun Solar Madhya Pradesh Pvt Ltd will put up one solar photovoltaic project of 100 MW and another of 25 MW capacity.

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Mittal said the project will cost about USD 225 million and will be set up on barren tract of land in Mandsaur and Neemuch district of Madhya Pradesh in 18 months.

The project would be funded in 75:25 debt-equity ratio, he said adding typically, a solar power project costs Rs 9-10 crore per MW.

“Solar energy will become a game changer and I expect it will reach grid parity by 2015,” Mittal said.

Grid parity means solar power tariff equalling that of thermal power. Madhya Pradesh conducted the auction through ‘reverse bidding’ process under which it would award projects to those who offer to sell power at the best (least) rates.

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