February 3, 2015: Welspun Renewables, the renewable energy company working on solar and wind projects, is planning to raise Rs 10 billion through initial public offering (IPO). The company is in talks with investment bankers to raise the investment through IPO.
Part of Welspun Corp Ltd, the company will be raising this money next fiscal, reports suggest.
Welspun Renewables had recently announced its plans to invest Rs 83 billion in Gujarat to set up more than 1GW solar and wind capacities, of which 500MW will be wind while 600MW will be solar.
These capacities will be built in collaboration with Gujarat Urja Vikas Nigam (GUVNL).
The company till date has commissioned 366MW of solar and wind power projects and another 978MW capacity is being set up. It claims to have mitigated more than 766247 tons of CO2 emissions.
Its power plants are spread across states including Gujarat, Rajasthan, Madhya Pradesh, Maharashtra, Karnataka and Andhra Pradesh. Moreover, its engineering procurement and construction (EPC) arm has commissioned three rooftop solar projects for Indian Institute of Technology-Kanpur (IIT-K), Ansal University and Medanta Medicity Hospital.
Furthermore, the company plans to spread its wings internationally in regions including USA, Middle East and South East Asia.
Welspun Renewables holds the distinction of winning and operating one of the world’s largest solar projects of 151 MW (DC). Through its strong commitment to triple bottom line, Welspun Renewables is working for under served communities in area of education, empowerment and healthcare
