Indian power developer Welspun Energy plans to INR150bn ($2.73bn) over the next three years for the development of renewable energy generation in the country.

The investment will fund the installation of 1GW of wind power assets as well as an additional 750MW of solar power generation assets.

Welspun Energy managing director Vineet Mittal was quoted by Live Mint as saying that the company will invest INR30bn ($547m) in wind and solar projects for the year 2013 with an optional portfolio of 111MW and 200MW under development.

To augment its development plans, the company secured total financing of INR8.85bn ($161m) from a consortium of lenders for the construction of a 30MW solar plant in Madhya Pradesh.

Mittal stated, "The closure of the financial agreements indicates the confidence that financial partners’ have in our execution capabilities and expertise to complete the project in time."

The project, believed to be the biggest solar project in the country, is expected to begin operations by May 2014.