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Welspun Energy

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Welspun Energy Private Limited
Company typePrivate
Founded19 August 2002[1]
HeadquartersNew Delhi, India[2]
Key people
Vineet Mittal
(Managing Director)
Balkrishan Goenka
(Chairman)
Kapil Maheshwari
(CEO)
ProductsElectric power
ParentWelspun Group
Websitewww.welspun.com

Welspun Energy Private Limited (formerly Welspun Energy Limited) is an independent power company based in New Delhi, India. It is a subsidiary of Welspun Group.

History

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In March 2013, the company commissioned the 50-MW Phalodi solar plant, which that time was the largest solar plant in India.[3] In December 2013 the company commissioned an 8-MW solar project in Karnataka. In February 2014, it inaugurated the 151-MW Neemuch solar project in Madhya Pradesh, which is the India's largest and among the world largest solar-power plants.[4][5][6] In April 2014, GE Energy Financial Services invested US$24 million in this project. This was also GE's first investment into a renewable energy project in India.[7][8] Also in 2013, Welspun Renewables was registered with United Nations Framework Convention on Climate Change (UNFCCC) under the Clean Development Mechanism program of activities.[9] In May 2014, the company commissioned a 19 MW solar power project in Chitradurga district of Karnataka.[10][11] Together with the Maharashtra State Power Generation Company WEL has developed a 50 MW solar power plant at Baramati in Pune district.[12] In August 2015, the company commissioned a 34-MW solar project in Bhatinda district of Punjab.[13] The company aims to develop a total of 550  MW solar capacities in Karnataka, 100 MW in Andhra Pradesh, and 150 MW in Punjab.[14][15]

In June 2014, Asian Development Bank made a US$50 million equity investment into Welspun Renewables, the largest direct equity investment in the renewable energy sector by ADB.[16][17][18]

Adani Power entered into agreement with Welspun Energy in October 2015 to buy two ready-to-build coal-fired power plants for Rs. 400 Crore.[19] The plants were a proposed 1,320 MW plant in Mirzapur and another in Madhya Pradesh. In December 2016, the National Green Tribunal withdrew environmental clearance for the Mirzapur plant, making it unlikely that it will be built.[20]

On 12 June 2016, Tata Power announced that it had signed an agreement with Welspun Energy to acquire Welspun Renewables Energy Pvt. Ltd, the latter's subsidiary in the renewable energy industry. The Rs 9,249 crore ($1.4 billion) acquisition will give Tata control of Welspun's 1.14 GW of renewable energy capacity.[21][22] The deal is the largest solar acquisition in Asia.[23] It was completed on 14 September 2016.[24][25]

Controversy

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Members of Vindhya Bachao protesting against the Mirzapur Thermal Power Plant in New Delhi on 18 November 2013.

Welspun Power proposed the 1320-MW Mirzapur thermal power plant in Uttar Pradesh and 2,000-MW Katni thermal power plant in Madhya Pradesh. Both of these coal plants were suspected of using unofficial methods to obtain their clearances. While the accusation against the Katni Power plant is still in progress, the Environmental Clearance to Mirzapur Thermal Power Plant has been set aside by the National Green Tribunal, New Delhi in December, 2016.

The main reasons for setting aside the clearances was due to concealing of certain facts, following questionable procedures for its EIA and unfair conduct of public hearing-terming the process of obtaining the green light as 'tainted' by the courts.[26][27][28][29]

References

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  1. ^ "Welspun Energy | IBEF".
  2. ^ "Welcome to Welspun Energy Limited". Welspun Energy. Retrieved 12 January 2011.
  3. ^ "Welspun Energy commissions largest solar project". Business Standard. 31 July 2013. Retrieved 13 August 2013.
  4. ^ "Narendra Modi, Shivraj Singh Chouhan inaugurate solar power projects in MP". India Infoline News Service. 26 February 2014. Retrieved 30 April 2014.
  5. ^ "GE Invests $24 Million in Welspun's India Solar Plant". Bloomberg. 25 April 2014. Retrieved 30 April 2014.
  6. ^ "India's largest solar power plant planned in Madhya Pradesh". dna. PTI. 5 September 2014.
  7. ^ Sanjai, P. R. (26 April 2014). "GE's unit invests $24 million in Welspun Renewable's solar project". Mint. Retrieved 8 September 2015.
  8. ^ Pearson, Natalie Obiko (25 April 2014). "GE Invests $24 Million in Welspun's India Solar Plant". Bloomberg. Retrieved 8 September 2015.
  9. ^ "Welspun registers India's first dual scale renewable energy program under UNFCCC". The Times of India. 2 August 2013. Retrieved 8 September 2015.
  10. ^ "Welspun Renewables announces commissions of 19 MW solar plant in Karnataka". Business Standard. 14 May 2014. Retrieved 8 September 2015.
  11. ^ "Welspun commissions solar plant in Karnataka". Power Today. Retrieved 8 September 2015.
  12. ^ "Mahagenco ties up with Welspun Energy to set up solar plant at Baramati". Mint. 4 March 2014. Retrieved 30 April 2014.
  13. ^ "Welspun Renewables commissions 34 MW solar project in Punjab". The Economic Times. Retrieved 8 September 2015.[dead link‍]
  14. ^ "Welspun Energy mulls setting up Rs.200 crore solar plant in Assam". The Hindu. 12 September 2013. Retrieved 30 April 2014.
  15. ^ "Welspun to invest Rs 1,350 cr to set solar power project in Punjab". Economic Times. 8 January 2014. Retrieved 30 April 2014.
  16. ^ Pearson, Natalie Obiko (21 June 2014). "Companies". livemint.com. Retrieved 8 September 2015.
  17. ^ "Asian Development Bank invests equity capital in Welspun Energy group company". Archived from the original on 27 June 2014. Retrieved 8 September 2015.
  18. ^ "Asian Development Bank Invests $50 Million In Indian Renewable Energy Company". CleanTechnica. 24 June 2014. Retrieved 8 September 2015.
  19. ^ "Adani Power in talks with Welspun Group to buy power plants". The Economic Times. 7 October 2015. Retrieved 29 December 2016.
  20. ^ Datta, Aesha (23 December 2016). "NGT puts brakes on Welspun thermal power plant in UP". The Hindu Business Line. Retrieved 20 March 2017.
  21. ^ Singh, Sarita; Barman, Arijit (13 June 2016). "Tata Power acquires Welspun Energy's renewable assets for Rs 10,000 crore". The Economic Times. ISSN 0013-0389. Retrieved 2 April 2023.
  22. ^ "Tata Power Completes Welspun Renewable Energy Acquisition". NDTV.com. Retrieved 2 April 2023.
  23. ^ "Tata Power acquires Welspun Energy's renewable assets for Rs 10,000 crore". The Economic Times. 13 June 2016. Retrieved 29 December 2016.
  24. ^ "Tata Power completes Welspun Renewable Energy acquisition, appoints Chetan Tolia as CEO". The Economic Times. Retrieved 20 March 2017.
  25. ^ Prasad, Gireesh Chandra (14 September 2016). "Tata Power appoints Chetan Tolia as Welspun Renewables CEO". www.livemint.com/. Retrieved 20 March 2017.
  26. ^ "High court notice to Centre, Madhya Pradesh govt on Welspun plant". The Times of India. 29 January 2014. Retrieved 17 August 2017.
  27. ^ "Did Welspun fudge facts for its coal-fired power plant in Mirzapur?". Down to Earth. 20 November 2013. Retrieved 17 August 2017.
  28. ^ "NGT nixes green nod to thermal power plant in UP". The Times of India. 24 December 2016. Retrieved 17 August 2017.
  29. ^ "NGT quashes EC to Welspun Energy's Mirzapur power plant". Business Standard. 23 December 2016. Retrieved 17 August 2017.
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