Mumbai-based Welspun Renewables has signed an agreement to set up a 100 MW solar power project in Andhra Pradesh at a cost of Rs 700 crore.

Vineet Mittal, Vice Chairman, Welspun Renewables signed the Power Purchase Agreement (PPA) for setting up 100.1 MW solar PV project during World Economic Forum’s (WEF) ‘Andhra Pradesh Investment Session’ being led by state Chief Minister N Chandrababu Naidu.

"We are quite keen to support Chief Minister’s endeavour in creating an empowered state. Listening to his speech here at Davos was truly inspiring. We want to extend our green footprint in Andhra Pradesh by setting up a mega solar capacity," Mittal said.

Welspun Renewables, he said, "will be bringing its world-class engineering and project development expertise to this project. Like all our projects we aim to commission the 100.1 MW capacity well in time to meet the committed timelines." 

The firm has so far commissioned over 366 MW solar and wind power projects in India and another 978 MW capacities are under construction.

It plans to develop power projects pan India, with existing projects located in other high radiation zones like Gujarat, Rajasthan, Madhya Pradesh, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu and Punjab.