By Greentech Lead India: Welspun Solar, a wholly owned
subsidiary of Welspun Renewable has won a 125 MW Solar PV project in Madhya
Pradesh, India. This is the highest capacity to be awarded to any Indian
entity in the solar space to date.
Welspun Solar proposes to develop this project in the
Mandsaur district in the Malwa region of Madhya
Pradesh. The company is targeting to complete this project within 19 months
from the date of signing the PPA. Welspun Solar anticipates that the completion
of this project will make the company one of the largest renewable players
in India.
Welspun Solar will put up one solar photo voltaic project
of 100 MW and another of 25 MW capacities. The company will invest USD 225 M
for this project. Welspun Solar has emerged one among the four winning bidders
for solar projects in Madhya Pradesh. The company has won the bid by quoting a
tariff of Rs. 8.05 per unit for this project.
The bidding process was conducted by MP Power Management
Company Limited, at Jabalpur. 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.
Madhya Pradesh is facing an annual power deficit of 17.9
percent. The power generated by this project is expected to power of 6, 60,000
homes, mitigating 2, 29,550 tonnes of carbon annually.
“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 Vineet Mittal,
co-founder and MD, Welspun Energy.