India-based Welspun Energy has outlined its plans to invest INR150bn ($2.72bn) for the development of wind and solar power generation facilities in the country.

The company, as part of the plan, is expected to install 1,750MW renewable power generating assets over the next three years.

Welspun borrowed INR 8.85bn ($161m) from a group of banks led by Central Bank of India in non-recourse financing to fund the development plans, reported Live Mint.

The company will invest INR30bn ($0.54bn) in solar and wind projects for the year 2013, with a development pipeline of 200MW.

Welspun Energy managing director Vineet Mittal was quoted by the newspaper as saying that the remaining capacity is expected to be completed by the end of 2016, of which 1,000MW will be wind powered while the rest will be solar powered.