Wind turbines in India. Featured Image: OlegD/Shutterstock.com
Indian renewable energy projects developer Welspun Renewables has secured some USD 617 million (EUR 541.6m) of debt and equity financing from its promoters and from existing and new investors.
The company said in a statement on Tuesday it has obtained USD 405 million of debt and USD 165 million of equity financing along with a USD-47-million credit line. The financial services arm of US conglomerate General Electric (NYSE:GE) was one of the returning investors in the firm with a second round of funding, according to a press release.
The funds will help Welspun pursue its plan to install 5 GW of renewable energy capacity in India over the next few years, including 1 GW that will be commissioned this fiscal year, it said. The company's ultimate goal is to deploy about 11 GW in its home country.
Welspun’s current solar and wind projects are being developed in eight different states across the country.