Welspun Energy (WEL) has achieved financial closure for a 50 MW solar PV project in Rajasthan. WEL has secured long term project funding of Rs 355 crore from a consortium of lenders comprising of three PSU banks and one infrastructure finance PSU. The project is expected to be commissioned in the first quarter of 2013.

During the JNNSM?s Phase-1- Batch-2 auction, 20 bidders were awarded projects to be implemented in the state of Rajasthan. Welspun Solar AP Pvt Ltd, a subsidiary of WEL, emerged as the only successful bidder for the 50 MW, the maximum capacity allowed for a single bidder.

WEL is setting up several GW of wind and solar power plants across numerous states in India. The group with 30 MW solar capacity already under its belt is further adding a capacity of over 250 MW solar projects by the end of 2013, thus making it one of the largest solar IPPs in India.