Welspun Energy, the 100 per cent owned subsidiary of Welspun Group, is planning to invest Rs 1,000 crore in Punjab for 160 MW solar power plants.
For this purpose, the company will ink an MoU with the government of Punjab as soon as the land is finalised. It is aiming to sign a power purchase agreement for 25 years.
Welspun had already bagged a 35 (DC) solar power plant in Punjab in July 2013. The agreement with the Punjab government is likely to come with a penalty clause in case of delay in implementation of the projects.
Further, the company plans to commission projects of 1,000 MW solar and 750 MW wind energy capacities with a plan to invest Rs 12,000 crore to Rs 15,000 crore by 2017. It is likely to commission grid-based solar projects of 325 MW capacity in FY14.