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

Corporate Update

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.