Indian firm raises $64m finance for solar

Welspun Energy has raised $64.11m in project finance from a consortium of lenders to set up a 50MW solar photovoltaic (PV) project in the state of Rajasthan, India.

Energy Business Review reports that the Indian company has already signed a power purchase agreement with NTPC Vidyut Vyapar Nigam on 27 January 2012.

Welspun Energy managing director Vineet Mittal said, "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."

The project is likely to be commissioned in the first quarter of 2013.

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