Welspun to invest Rs 15,000 cr in solar, wind energy segments

Tags: Power
Welspun Group, one of the largest domestic solar power producers, is betting big on the sector and has plans to invest Rs 15,000 crore to take its capacity to 1.75 GW over the next three years.

The city-based diversified company, which is also the world’s second largest home linen maker and a one of the top heavy industrial pipes producers, is into the pipes, plates & coils, steel, infrastructure and energy and had grossed up over Rs 18,000 crore in revenues last fiscal.

It has two subsidiaries in the energy space-- Welspun Renewables Energy and Welspun Energy one for the solar and the wind respectively. The private equity of the Asian Development Bank had recently picked around 11 percent in the latter for USD 50 million.

"We are planning to invest up to Rs 15,000 crore over the next three years in the renewable energy space to take our total generation to 1.75 GW. While we already have a commissioned capacity of 328 MW, mostly in the solar space, we have close to 725 MW under development," Welspun Group chairman B K Goenka told PTI.

He said the company has already invested over Rs 3,000 crore into the power sector so far.

Goenka said his company has the capabilities to do the design, engineering and construction of renewable projects, which brings down his execution cost. "Our projects are among the highest generating ones in the country and we are largest solar power producer in the country today with 330 mw of generation."

Most of this fresh investment will be in solar space, he said, adding the company will be focusing on Andhra Pradesh, Maharashtra, Punjab and Rajasthan. On the wind side, the company is planning to have 120 MW by the end of this fiscal itself.

Asked about why the focus on energy sector that is highly regulated, Goenka said the surety of returns makes energy one of the most key areas to be in. Also, there will be no dearth of demand for power in a power starved nation like ours.

EDITORIAL OF THE DAY

  • Because our politicians elbowed out our teachers on Teachers’ Day

    The Swachch Bharat campaign made the highest leaders sweep. Teachers’ Day is making them teach.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Sachin Shridhar

Crouching tiger, hidden dragon

The Chinese are consummate gamblers. If you visit a casino ...

Zehra Naqvi

Capturing change

The pace of change in the world around us can ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture