ADB invests US$50 Million in Welspun Renewables

Making it their largest direct equity investment in the renewable energy sector The Asian Development Bank (ADB) has invested part of a US$50 million commitment of equity capital into Welspun Renewables Energy Private Limited (WREPL). This deal will help demonstrate that profitable investments are achievable in the renewable energy space and will help catalyze more private investments. 

Mr. Vineet Mittal, Vice Chairman, Welspun Renewables Energy Pvt. Ltd. said “With a vision aimed towards securing energy security for the country, Welspun Renewables has emerged as one of the leading independent developers of renewable energy projects in India within a short span of time. With this investment, the renewable energy sector has got a much needed shot in the arm, it shows the promise that this sector can realize and ADB’s investment is a testimony to that. With this deal, we can only hope that India becomes a shining example of focusing on clean energy to meet its energy security needs and help build a cleaner, greener India for the generations to come.” 

WREPL’s power plants are among the highest generating projects in the country and have been built ahead of committed timelines, thereby helping the country meet its renewable energy targets. WREPL operates one of the world’s largest solar projects which is located in Neemuch district of Madhya Pradesh with a nameplate capacity of 151 MW (DC). Spread across eight states, it has 328 MW (DC) operational capacity of renewable energy generation till date. The company plans to set up a total renewable capacity of 1,750 MW in Solar and Wind in next three years with an incremental capital outlay in excess of INR 11,000 crores. This will help annual CO2e emissions to be reduced by 2,912,700 tonnes. Consequently cumulatively generating 597 million units of clean energy and mitigating 533,494 tonnes of CO2 emissions. 

Close on the heels of the recent US$24 million General Electric investment in its Neemuch project; this is yet another positive milestone for the organization and a boost to the sector at large. WREPL’s business operations are ISO 9001:2008 certified – a first in the clean energy space. It has been awarded the Golden Peacock Innovative Service Award for its innovations, while the Global EPC Award recognizes WREPL’s contribution in solar project development. 

WREPL has adopted an environmental and social management system (ESMS) in compliance with ADB’s policies. The investment by ADB will help the country meet its target of 20 percent energy generation from renewable sources by 2020, generate employment in rural areas thereby contributing to the GDP of the country, reduce CO2 emissions, and help reduce the prevailing energy deficit in the country

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