Welspun Energy Ltd
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| Private company | |
| Headquarters | New Delhi, India |
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Key people
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Vineet Mittal, Managing Director B.K. Goenka, Chairman |
| Products | Electric power |
| Parent | Welspun Group |
| Website | www |
Welspun Energy Ltd (WEL) is an independent power company based in New Delhi, India. It is a subsidiary of Welspun Group. In addition to the coal-based power projects, WEL is the biggest developer of solar projects in India.
In June 2014, Asian Development Bank made a US$50 million equity investment into Welspun Renewables, the largest direct equity investment in the renewable energy sector by ADB.
Welspun Renewables is registered with United Nations Framework Convention on Climate Change (UNFCCC) under the Clean Development Mechanism program of activities.
On 12 June 2016, Tata Power announced that it had signed an agreement with Welspun Energy to acquire Welspun Renewables Energy Pvt. Ltd, the latter's subsidiary in the renewable energy industry. The Rs 9,249 crore ($1.4 billion) acquisition will give Tata control of Welspun's 1.14 GW of renewable energy capacity. The deal is the largest solar acquisition in Asia. It was completed on 14 September 2016.
Adani Power entered into agreement with Welspun Energy in October 2015 to buy two ready-to-build coal-fired power plants for Rs. 400 Crore. The plants were a proposed 1,320 MW plant in Mirzapur and another in Madhya Pradesh. In December 2016, the National Green Tribunal withdrew environmental clearance for the Mirzapur plant, making it unlikely that it will be built.
In March 2013, the company commissioned the 50-MW Phalodi solar plant, which that time was the largest solar plant in India. In December 2013 the company commissioned an 8-MW solar project in Karnataka. In February 2014, it inaugurated the 151-MW Neemuch solar project in Madhya Pradesh, which is the India's largest and among the world largest solar-power plants. In April 2014, GE Energy Financial Services invested US$24 million in this project. This was also GE's first investment into a renewable energy project in India. In May 2014, the company commissioned a 19 MW solar power project in Chitradurga district of Karnataka. Together with the Maharashtra State Power Generation Company WEL has developed a 50 MW solar power plant at Baramati in Pune district. In August 2015, the company commissioned a 34-MW solar project in Bhatinda district of Punjab. The company aims to develop a total of 550 MW solar capacities in Karnataka, 100 MW in Andhra Pradesh, and 150 MW in Punjab.
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