Welspun Flooring To Invest Rs 1.76 Cr In SPV For Solar Power Project

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Welspun Flooring To Invest Rs 1.76 Cr In SPV For Solar Power Project

Welspun Living plans to be a 100% renewable energy consumer by the year 2030. With this objective Welspun Flooring Limited, wholly-owned subsidiary of the company, has approved an equity investment of Rs 1.76 crore in Welspun Bhargavi Private Limited (“WBPL”), a Special Purpose Vehicle, for setting-up of about 8.10 MWp solar power project.

WFL proposes to enter into the Power Purchase Agreement (with Take or Pay arrangement) for supply of renewable power for a period of 25 years. WFL will hold up to 49% equity share capital of WBPL. It would be a significant step towards the company’s journey to reach 100% RE by 2030.