Type Private company Website www.welspunenergy.com Headquarters New Delhi Parent organization Welspun Group | Products Electric power Key person B K Goenka Founded 2002 | |
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Key people Vineet Mittal, Managing Director
B.K. Goenka, Chairman | ||
Welspun energy limited team on cnbc finwiz show
Welspun Energy Ltd (WEL) is an independent power company based in New Delhi, India. It is a subsidiary of Welspun Group. In addition to the coal-based power projects, WEL is the biggest developer of solar projects in India.
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Welspun energy reel
Significant Investments
In June 2014, Asian Development Bank made a US$50 million equity investment into Welspun Renewables, the largest direct equity investment in the renewable energy sector by ADB.
Welspun Renewables is registered with United Nations Framework Convention on Climate Change (UNFCCC) under the Clean Development Mechanism program of activities.
Sale of Welspun Renewables and coal-fired power plants
On 12 June 2016, Tata Power announced that it had signed an agreement with Welspun Energy to acquire Welspun Renewables Energy Pvt. Ltd, the latter's subsidiary in the renewable energy industry. The Rs 9,249 crore ($1.4 billion) acquisition will give Tata control of Welspun's 1.14 GW of renewable energy capacity. The deal is the largest solar acquisition in Asia. It was completed on 14 September 2016.
Adani Power entered into agreement with Welspun Energy in October 2015 to buy two ready-to-build coal-fired power plants for Rs. 400 Crore. The plants were a proposed 1,320 MW plant in Mirzapur and another in Madhya Pradesh. In December 2016, the National Green Tribunal withdrew environmental clearance for the Mirzapur plant, making it unlikely that it will be built.
Power Projects Commissioned
In March 2013, the company commissioned the 50-MW Phalodi solar plant, which that time was the largest solar plant in India. In December 2013 the company commissioned an 8-MW solar project in Karnataka. In February 2014, it inaugurated the 151-MW Neemuch solar project in Madhya Pradesh, which is the India's largest and among the world largest solar-power plants. In April 2014, GE Energy Financial Services invested US$24 million in this project. This was also GE's first investment into a renewable energy project in India. In May 2014, the company commissioned a 19 MW solar power project in Chitradurga district of Karnataka. Together with the Maharashtra State Power Generation Company WEL has developed a 50 MW solar power plant at Baramati in Pune district. In August 2015, the company commissioned a 34-MW solar project in Bhatinda district of Punjab. The company aims to develop a total of 550 MW solar capacities in Karnataka, 100 MW in Andhra Pradesh, and 150 MW in Punjab.
Controversy
Welspun Power proposed the 1320-MW Mirzapur thermal power plant in Uttar Pradesh and 2,000-MW Katni thermal power plant in Madhya Pradesh. Both of the coal plants were mired into controversy for taking illegal means to obtain clearances. While the protest against the Katni Power plant is still going on, the Environmental Clearance to Mirzapur Thermal Power Plant is being set aside by the National Green Tribunal, New Delhi in December, 2016. The main reasons for setting aside the clearances was suppressing crucial facts, pursuing wrong procedure for its EIA and unlawful conduct of public hearing-terming the entire process of obtaining the green nod as 'tainted' by the court.