India-based Welspun Energy Ltd. says it has closed on financing for a 50 MW solar PV project, to be located in Rajasthan, India.
The company has secured long-term project funding of Rs. 355 crores from a consortium of lenders comprising three public-sector banks and one infrastructure finance public-sector undertaking.
The power purchase agreement for the project was signed with NVVN in January, and the project is expected to be commissioned in the first quarter of 2013.
WEL is setting up several gigawatts of solar and wind power plants across numerous states in India. The group has 30 MW of solar capacity already under its belt and plans to add over 250 MW of solar projects by the end of 2013.