Welspun secures $10.9MM in financing for new renewable energy project

India solar project developer Welspun Energy said it has received $10.9 million in financing for its Karnataka solar power project, according to Press Trust of India. The project is located in the Chitradurga district and will generate 7 megawatts of renewable energy.

The report said a number of leading financial institutions provided the funding for the project, which is being developed by Welspun's subsidiary Welspun Solar Kannada Pvt Ltd. Tracker technology will be used for 1 MW of solar capacity. This tracking system will allow the panels to follow the movement of the sun from morning until night. It will help to boost additional power generation percentage, PTI reported.

"On ground work for the project is already in progress," Welspun said. "As per the power purchase agreement signed with Mangalore Electric Supply Company (MESCOM) the power plant needs to begin commercial operations by March 2014. Keeping with its execution track recorder, WEL will commission this project well before the timeline."

Once the project is complete it will generate enough power for 33,600 households. Welspun has built more than 300 MW of renewable energy including 111 MW of operational clean energy projects, according to PTI. 

Visit PennEnergy's research area to learn more about the solar power market in India.

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