 "Indian firms line up for Welspun's green projects")
SoftBank, earlier keen to pick up stakes in the projects, has dropped out.
Welspun Renewables was raising capital through equity sales, said a person close to development. Persons in the know said domestic and foreign companies were in the fray to invest in Welspun Renewables' projects totalling 400 Mw.
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Vineet Mittal, vice-chairman, Welspun Renewables, did not respond to phone calls and text messages. The company's spokesperson also did not respond.
Promoted by B D Goenka, the Welspun Group has interests in textiles, polychemicals, steel, cement and renewable energy.
Hero Future Energies, a comparatively new entrant with 250 Mw capacity, is keen to buy Welspun's projects but chief executive Sunil Jain declined to comment. Hero has a pipeline of around 1,000 Mw of wind power projects, in seven states.
Reliance Cleangen, renewable energy arm of the Anil Ambani-promoted Reliance Power, said it had no such plans. Sumant Sinha, chief executive, ReNew Power Ventures, said he would "refrain" from commenting.
ReNew Power is backed by Goldman Sachs with an equity investment of close to $350 million and its current total equity is $655 million. The company has 1,600 Mw of clean energy assets across the country, out of which 1,000 Mw are wind energy projects.
Welspun has in the past received institutional funding from across the globe for its projects. General Electric made its first Indian solar investment in the company by pumping in $24 million into Welspun's 151 Mw solar project in Neemuch, Madhya Pradesh. Asian Development Bank also made its first equity infusion ever in India as part of a $50 million commitment into the company.
"While debt financing is comparatively easier now, renewables companies are finding it difficult to raise equity. This (Welspun) also seems like one such effort to tighten the fiscal condition of the company through equity sale," said a Delhi-based renewable energy expert.
Welspun has 308 Mw of solar power capacity and is building its wind energy portfolio. It has committed to adding 11,000 Mw of renewable energy capacity by 2022. The company has 440 Mw of solar power projects in the pipeline.
ABOUT WELSPUN
- Welspun Renewables has 308 Mw of solar power capacity
- Has 440 Mw of solar power projects in the pipeline
- It is building one of the largest solar power projects in Madhya Pradesh, with capacity of 750 Mw
- Had committed to add 11,001 Mw of renewable energy capacity by 2022 in RE-Invest 2014