Welspun Energy to invest $1 Billion in Karnataka?s wind farm projects

Welspun Energy Ltd. will be developing twin wind power projects in the Indian state of Karnataka, within the next five years. The independent power producer is working towards developing a cumulative target of 1.7 GW of wind energy and solar energy projects, which will serve as many as 9 million households in India.

In the recently held Karnataka’s Global Investors Meet, Welspun Energy signed an MoU and Expression of Interest for 100 MW & 750 MW capacity wind power projects with the Government of Karnataka. As per the signed documents on the 7th of June 2012, the projects are to be developed in the districts of Bijapur, Chitradurga and Belgaun.

Vineet Mittal, Co-founder & Managing Director of Welspun Energy Ltd. Said: “We want to help create a greener empowered India and through our renewable energy projects Welspun Energy is effecting a change on the ground. With the signing of these two projects we have moved exponentially forward in this direction.”

The state has been a natural choice for wind energy based power generation. With a potential of 11,500 MW wind energy capacity, Karnataka holds the third favorable position in the country for wind farm projects.

Karnataka has a long history of being one of the most progressive states of the country. From leading in IT to the present Renewable Energy sector, the state has been a haven for investors. Approximately 6.7% of the country’s electricity is generated by Karnataka alone. As per the Karnataka Udyog Mitra, a government of Karnataka organization, the state offers a potential of 3,500 MW of wind power and 10,000 MW of solar power projects. Welspun Energy is proud to be part of this growing story.

Welspun Energy Ltd. is part of the $3.5 billion Welspun Group, which ranks amongst India’s fastest emerging conglomerates with businesses in power generation, infrastructure, exploration and production of oil and natural gas, steel pipes and textiles. Welspun Corp, the flagship company of the group is the world’s largest large diameter steel pipe producer.

Welspun Energy Ltd. is setting up 750 MW of solar power and 1 GW of wind power plants across India, which is amongst the largest capacities for power generation in the country.