WEL, one of India’s leading renewable energy companies has secured long term project funding of Rs 355 crores from a consortium of lenders comprising of three public sector banks and one infrastructure finance company. The power purchase agreement (PPA) was signed with NVVN on the January 27, 2012 and the project is expected to be commissioned in the first quarter of 2013, said a company statement on Monday.
“The quick financial closure reinforces the faith and support of the financial sector in Welspun Energy’s credibility and unmatched skill at project execution, commissioning and power generation. This is a major development for WEL and the renewable energy sector, given the difficulties faced by most power project developers in organizing project finance, said Vineet Mittal, managing director, WEL adding that as the leading producers of highly-competitive clean and green power, it is our aim to achieve grid parity within the next few years and establish the value of renewable energy to India’s energy security.
