Energy developer Welspun Energy Limited (WEL) on Wednesday announced to sign a memorandum of understanding (MoU) with the Punjab government to set up a 150-MW solar power project. WEL will invest over Rs 1,300 crore for setting up the project over the next three years. As per a recent report by the Central Electricity Authority, Punjab is likely to experience an overall power shortage of 19.7% and the peak shortage of 25.6% in 2013-14.
With the commissioning of this project, an estimated 24.96 lakh tonne of carbon dioxide emission will be mitigated each year.
As of now, Punjab has an installed solar capacity of around 9 MW. The state government is aggressively working towards increasing its dependence on non-conventional sources of energy for power generation. As part of these efforts, the state awarded projects to 26 private players for setting up 250-MW solar power units in 2013.