The Welspun group has won a contract for the $225 million solar photovoltaic (PV) project in Madhya Pradesh. It will be set up on a barren tract of land in Mandsaur and Neemuch districts within 18 months, according to Welspun Energy Managing Director Vineet Mittal.

“We had bid Rs.8.05 per unit to bag the 125 MW out of the 200 MW that was auctioned by the Madhya Pradesh Government. Solar energy will become a game-changer and I expect it will reach grid parity by 2015,” Mr. Mittal said in a statement here.

Mr. Mittal said Welspun Solar Madhya Pradesh Pvt. Ltd. would put up one solar photovoltaic project of 100 MW and another of 25 MW capacity. The project would be funded in 75:25 debt-equity ratio.

Mr. Mittal said Welspun Energy planned to add about 250 MW in the new and renewable energy projects during the current fiscal. By 2015-16, it is targeting a portfolio of 1,750 MW, 60 per cent of which will be wind energy while the remaining 40 per cent will be solar power projects. The company plans to set up solar photovoltaic farms with a total capacity of 100 MW in Andhra Pradesh and has signed agreement to set up 500 MW of wind power projects in the state.

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