A proposal has been agreed upon between Welspun Energy, Ltd and New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) to install 500MW of wind energy in the state. Welspun Energy is part of the $3 billion diversified Welspun Group and it already has a significant portfolio of renewable energy projects in different stages of development.
It is expected that the developments that will be undertaken as part of this agreement will be completed by the end of 2014 and will involve an investment of Rs 3,000 crore.
The agreement that has been signed for this proposal means that Welspun Energy has positioned itself to become a prominent wind energy producer and developer in the India. An estimation has been put forward that when the proejcts are completed at the end of 2014 the combined total of carbon offsets produced by the company will come to around 682,000 tonnes.
“The recent agreement with NREDCAP has strengthened our commitment to become India’s leading power developer in the renewable energy sector. Welspun Energy is setting up large grid-connected solar and wind power projects across India. Short gestation periods for installing wind turbines, and the increasing reliability and performance of wind turbines has made wind power a favored choice for capacity addition in India.” said Vineet Mittal, Managing Director & Co-founder, Welspun Energy Limited.