Welspun Energy targets Rs15,000 crore investment in alternate energy projects

Welspun Energy Ltd, a subsidiary of the New Delhi-based $3-billion Welspun Group, is planning to invest around Rs15,000 crore in alternate energy projects in the country in the next five years.

"The company plans to invest Rs15,000 crore in the next five years in solar and wind energy projects,"  the company's managing director and co-founder, Vineet Mittal told PTI.

The company, which has set up a 5-MW solar plant in the Andhra Pradesh in Pulivendula, has targeted Rajasthan, Madhya Pradesh, Gujarat, Karnataka and Andhra Pradesh as investment destinations for its renewable energy projects,

Welspun Energy currently operates 30 MW of solar power plants in Gujarat, Andhra Pradesh and Rajasthan, and has tied up for another 110 MW to be commissioned by the end of this year.

It recently bagged an order worth Rs950 crore from the Andhra Pradesh government to set up a 100 MW solar power plant in Anantpur district.

It is also setting up 500 MW Wind Power projects in Andhra Pradesh jointly with New and Renewable Energy Development Corporation of Andhra Pradesh.