Welspun Energy, part of the diversified $3-billion Welspun Group reportedly is planning to ink memorandums of understanding (MoU) with Gujarat Energy Development Authority (GEDA) for the 200 MW renewable energy certificates (RECs) including 100 MW in solar and 100 MW in wind power generation amounting to around Rs 1200 crore.
Renewable energy companies are given RECs against the quantum of power they supply into the grid. RECs are traded on the power exchanges and by the trading RECs, project developers can partly recover their cost.
At present, the company is having approximately 50 MW of operational solar power capacities in Gujarat, while 10 MW is located in Rajasthan.
The Welspun Group is one of the fastest emerging Indian conglomerates with revenue of over $3.5 billion. Welspun Corp the flagship company is world's largest large-diameter steel pipe producer.