Welspun Approached to Sell Security Backed by Solar Revenue

Welspun Energy Ltd., India’s biggest solar photovoltaic developer, was approached by a bank proposing to use revenue from its first plant to create a security of the kind often used to raise funds for projects such as toll roads.

“While solar energy generation is a relatively new sector for banks, they’re interested in lending to those who have established credibility and lived up to their commitments,” said Vineet Mittal, managing director of Welspun Energy.