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ADB invests US$50 million into Welspun Renewables

The Asian Development Bank (ADB) has invested part of a US$50 million commitment of equity capital into Welspun Renewables Energy Private Limited (WREPL). This deal will help demonstrate that profitable investments are achievable in the renewable energy space and will help catalyze more private investments.

Mr. Vineet Mittal, Vice Chairman, Welspun Renewables Energy Pvt. Ltd. said “With a vision aimed towards securing energy security for the country, Welspun Renewables has emerged as one of the leading independent developers of renewable energy projects in India within a short span of time. With this investment, the renewable energy sector has got a much needed shot in the arm, it shows the promise that this sector can realize and ADB’s investment is a testimony to that. With this deal, we can only hope that India becomes a shining example of focusing on clean energy to meet its energy security needs and help build a cleaner, greener India for the generations to come.”

WREPL’s power plants are among the highest generating projects in the country and have been built ahead of committed timelines, thereby helping the country meet its renewable energy targets. WREPL operates one of the world’s largest solar projects which is located in Neemuch district of Madhya Pradesh with a nameplate capacity of 151 MW (DC). Spread across eight states, it has 328 MW (DC) operational capacity of renewable energy generation till date. The company plans to set up a total renewable capacity of 1,750 MW in Solar and Wind in next three years with an incremental capital outlay in excess of INR 11,000 crores. This will help annual CO2e emissions to be reduced by 2,912,700 tonnes. Consequently cumulatively generating 597 million units of clean energy and mitigating 533,494 tones of CO2 emissions.

Close on the heels of the recent US$24 million General Electric investment in its Neemuch project; this is yet another positive milestone for the organization and a boost to the sector at large. WREPL’s business operations are ISO 9001:2008 certified – a first in the clean energy space. It has been awarded the Golden Peacock Innovative Service Award for its innovations, while the Global EPC Award recognizes WREPL’s contribution in solar project development.

WREPL has adopted an environmental and social management system (ESMS) in compliance with ADB’s policies. The investment by ADB will help the country meet its target of 20 percent energy generation from renewable sources by 2020, generate employment in rural areas thereby contributing to the GDP of the country, reduce CO2e emissions, and help reduce the prevailing energy deficit in the country.

About Welspun Renewables Energy Pvt. Ltd.: (www.welspunenergy.com)

Welspun Renewables Energy Pvt. Ltd. (WREPL) is a leading independent developer of renewable energy projects with a vision of commissioning 1.75 GW of solar & wind projects. Within a short span, the clean energy generator has pioneered solar power solutions, both in terms of plant size and total installed capacity. Its power plants are among the highest generating projects in the country and have been built ahead of committed timelines, thereby helping the country meet its renewable energy targets. WREPL holds the distinction of winning and operating one of the world’s largest solar projects of 151 MW (DC). Through its strong commitment to triple bottom line, WREPL is working for underserved communities in area of education, empowerment & healthcare. It is presently mitigating over 533,494 tons of CO2 emissions annually.

For further information, please contact:
Welspun Renewables Energy Pvt. Ltd
Ms. Amrita Pai                                                                                                                                 Ms. Surbhee Jain
Email: amrita.pai@welspun.com                                                                                             Email: surbhee_jain@welspun.com
Tel: + 91 (022) 61408028                                                                                                           Tel: +91 (022) 61408029
Cell: 08879684952                                                                                                                         Cell: 08879688752