25 Jun, 2013 - Welspun Energy today said it has got Rs 48.75 crore funding from financial institutions for its Karnataka solar project. 

The 7MW project located in Chitradurga district will cost Rs 65 crore and is being funded in 75:25 debt-equity ratio. 

For the debt part, the company "obtained Rs 48.75 crore investment from leading financial institutions," Welspun Energy said in a statement. 

The project is being developed by the firm's subsidiary Welspun Solar Kannada Pvt Ltd under the Karnataka State Policy. 

Tracker technology will be implemented for 1MW capacity, of the total project capacity of 7MW. 

"On ground work for the project is already in progress. As per the PPA signed with Mangalore Electric Supply Company ( MESCOM) the power plant needs to begin commercial operations by March 2014," it said. "Keeping with its execution track recorder, WEL will commission this project well before the timeline." 

The tracking system deployed at the site would track the path of the sun since morning till evening. This system is expected to give a significant boost to power generation percentage in comparison to the fixed tilt system. 

Speaking on the occasion Vineet Mittal, Co-Founder & Managing Director Welspun Energy said, "We are committed to 'electricity for everyone' and this need gap can sustainably be closed by increasing investment in renewable energy projects; our pace of growth mirrors this commitment." 

"As the leading producers of highly-competitive clean and green power, it is our aim to achieve grid parity within the next few years and establish the value of renewable energy to India's energy security," he said. 

This project will help in addressing Karnataka's annual peak deficit of 27.4 per cent and by generating 12.264 million units annually, enough to power 33,600 households and mitigating 11,651 tonnes of carbon emissions annually. 

Welspun Energy had recently announced financial closure of its 20MW Solapur, Maharashtra based solar project with Rs 135 crore being sourced through a consortium of leading financial institutions. 

The company has built up more than 300MW clean energy capacity on-ground, of this 111MW clean energy projects are operational.