Welspun Energy to invest in solar energy and wind power

The focus would be on states such as Rajasthan, Madhya Pradesh, Gujarat, Andhra Pradesh and Karnataka for renewable projects, Welspun Energy managing director and co-founder Vineet Mittal said.

"The company plans to invest Rs 15,000 crore in the next five years in solar and wind energy sectors," he told agencies.

At present, Welspun Energy has about 30 MW installed solar energy project and expects to add another 80 MW capacity by the end of this year. Further, the entity expects to have 150 MW wind energy capacity.

The entity aims to have 1,000 MW wind and 500 MW solar power projects by 2014. According to Mittal, the company is actively looking at opportunities for renewable projects in Africa, especially South Africa and Kenya.

"We are looking at bidding for projects in South Africa and Kenya … where eco-system is very good, payment security mechanism is there and solar policy is good," he said.

"We as a corporate feel that solar power would be what mobile was for telecom, solar and wind are two proven large scale sources of renewable energy," Mittal added. Welspun Energy is also into thermal power projects.