Finance for Welspun Karnataka array

Welspun Energy, one of India’s leading renewables developers, has reached financial close for a 7MW PV project under the aegis of Karataka’s statewide solar policy.

Delhi-based Welspun says it has pinned down 650m rupees ($10.9m) for the project, three-quarters of it debt, from “leading financial institutions”.

Ground works have already commenced at the project, in the southern Karnataka district of Chitradurga, with the developer planning to commission the array “well before” the March 2014 deadline stipulated in its power purchase agreement with Mangalore Electricity Supply Company.

The 7MW project – 1MW of which will be built using a sun-tracker system – represented the highest successful bid in Karnataka’s 2011 PV tender for 80MW of capacity.

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