Welspun Energy Bags 125 MW Solar PV Project

NEW DELHI, May 24, 2012

Largest Solar Power Project in Madhya Pradesh, India

Welspun Solar Madhya Pradesh Private Limited (WSMPPL), a wholly owned subsidiary of Welspun Renewable Private Limited, has won a 125 MW Solar PV project in Madhya Pradesh State of India. The bidding process was conducted by MP Power Management Company Limited, at Jabalpur city on 10th May 2012. WSMPPL won the bid by quoting a tariff of Rs. 8.05 per unit. It bears noticing that the feed-in tariff in Madhya Pradesh is Rs.15.35 per unit. However, in the recent reverse bidding process conducted by the Madhya Pradesh Power Management Company (MPPMC), the lowest tariff quoted was Rs.7.90.

This is the highest capacity to be awarded to any Indian entity in the solar space to date. WSMPPL has emerged one among the four winning bidders for solar projects in Madhya Pradesh. After the formal award of the project, WSMPPL will put up one solar photo voltaic project of 100 MW and another of 25 MW capacities. Typically, a solar power project costs Rs 10 crore per MW. WSMPPL proposes to develop this Project in the Mandsaur district in the Malwa region of Madhya Pradesh in a record time of 19 months from the date of signing the PPA.

After this Welspun Energy has become one of the largest renewable players in India.Madhya Pradesh is facing an annual power deficit of 17.9%. Inception of this project will enable powering of 6, 60,000 homes, mitigating 2, 29,550 tones of carbon annually. WSMPPL will be making an investment of USD 225 M towards project’s development.

“We need to ensure widespread energy access at affordable prices as dependence on fossil fuels is not a sustainable solution. Solar energy is the best option today. I believe, India can be the path breaker, by bringing electricity at affordable prices to our cities and villages. We have been continually demonstrating that solar tariff can be brought to grid parity. In close to two years tariffs have come down significantly. Innovation will be the key in bringing solar to grid parity,” said Mr. Vineet Mittal, Co-founder and MD, Welspun Energy Ltd.

About Welspun Energy Ltd.: Welspun Energy Ltd. is part of the $3.5 billion Welspun Group, log on to http://www.welspunenergy.com

Ms. Soni Shrivastav, VP Corporate & Strategic Initiatives
+91(0)11-66034614 / +91(0)9560999267, New Delhi India.


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