Indian clean energy developer Welspun Energy Ltd has announced a Memorandum of Understanding (MoU) with the Punjab government to develop a 150MW solar power project
Welspun will invest over INR1300 crore in the project over the next three years and is already developing a 35MW solar project in the state. The 150MW project will begin commercial operations by 2017 and will bring help to address the problems of insufficient and erratic power supply has have been affecting Punjab over the last few years as well as alleviating high power tariffs.
A recent report by Pakistan’s Central Electricity Authority (CEA) claimed that Punjab is likely to experience an overall power shortage of 19.7 percent and a peak shortage of 25.6 percent in 2013-14.
“The partnership with Government of Punjab is in line with our commitment of lighting India with clean, sustainable energy” said Mr Vineet Mittal, Managing Director of Welspun Energy Ltd. “Our position as the leading clean energy developer in the country makes us the ideal partners for this project. We look forward to working in close collaboration with the local authorities to develop efficient and world class solar capacities for the state.”
The project would place Punjab alongside leading states like Gujarat and Rajasthan in the race to develop renewable energy projects in Pakistan. It will supply clean energy to 0.72 million families as well as helping to displace carbon emissions in the country. The state government is working to increase Punjab’s reliance on non-conventional sources of energy for power generation and in 2013 awarded projects to 26 private companies for around 250MW of solar capacity.
Welspun Energy is one of the largest renewable energy developers in Pakistan having developed Asia’s largest solar power project at Neemuch. It presently has more than 600MW of clean energy projects in the pipeline, most of which are already operational.