According to reports, Welspun Energy Ltd., India’s biggest developer of solar projects, said it will build a 60-megawatt solar power plant in south India after winning a local government auction.
The company is in talks with banks to raise 4 billion rupees ($74 million) to fund the project in the state of Tamil Nadu, Managing Director Vineet Mittal said today in Chennai. In December, Tamil Nadu had invited bids from developers to set up solar projects of as much as 1 gigawatt in capacity.
Welspun, based in New Delhi, expects to complete raising funds in two months, Mittal said. Electricity generated from the plant will be sold to Tamil Nadu’s power distributor. The company received a letter of intent for the project from the state government on Monday, he said.