March 5 (Bloomberg) -- Welspun Group gained 8.85 billion rupees ($161 million) from lenders led by Central Bank of India to finance the country’s largest solar project.
Welspun, India’s biggest solar developer, signed long-term loans for its 130-megawatt venture in the Mandsaur district of Madhya Pradesh, the company said today in a statement. The solar plant, India’s largest according to Welspun, will power 660,000 homes when switched on in May next year.
Federal and state authorities are encouraging solar energy to boost generation and cut power shortages that are impeding economic growth. The central Indian state of Madhya Pradesh has an annual power deficit of 17.9 percent, according to Welspun.
The company has more than 300 megawatts of clean energy projects in construction or operation with plans to commission 1.75 gigawatts of solar and wind in the next few years, it said.
To contact the reporter on this story: Sally Bakewell in London at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com