Welspun Energy , India's biggest solar photovoltaic developer, which is backed by Apollo Global Management, is looking to securitize revenue from its 15-megawatt unit in Gujurat after three months of operation.

According to a Reuters report, private equity funding has had a big interest in renewables in India, such as solar and wind. Apollo Global in August bought a 22.5 billion rupee ($424 million) stake in Welspun Group, which is the private-equity firm’s biggest Indian deal.

The report said that Welspun Energy is planning its first wind farm investments, with sites obtained in Karnataka, Rajasthan and Gujarat states. It is also targeting 500 megawatts of solar and wind capacity in India by 2014. 

The company also signed an agreement with Gujarat to build as much as 100 megawatts of solar plants and will bid for projects in the Indian states of Karnataka, Rajasthan and Orissa.

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