The Hindu Business Line : Bengal ties up with Komex for solar wafer manufacturing project

The West Bengal Government on Friday signed a memorandum of understanding with an international consortium led by South Korean company Komex Inc to set up a solar wafer manufacturing project in Durgapur at a total investment of $400 million.

The first phase of the project envisages setting up of a 100 MW “solar wafer” manufacturing facility at an investment of $40 million.

The MoU between the project partners was exchanged at Writers’ Buildings here in the presence of the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee.

The proposed joint venture company would be labelled Kits Solar Ltd. The Komex-led consortium would hold 90 per cent of the equity, while the balance 10 per cent would be held by the State Government through the West Bengal Renewable Energy Development Agency (WBREDA).

Renewable energy

The consortium members include Green Energy Technology Inc of Taiwan, Glosil Inc and Smart Applications Company (both of South Korea), S&T Solar Pte Ltd of Singapore and Rectec International Corporation and Motech of Taiwan.

The Synergy Group of Kolkata would be the local partner for the project.

Speaking to newspersons later, the Chief Minister said it was necessary to “switch over” to renewable energy sources in view of the global warming and subsequent climatic change because of release of greenhouse gases.

He said 96 per cent of the power produced in West Bengal was thermal, and as such, it would be important to tap other sources of energy.

Speaking on the occasion, Mr S.P. Gonchaudhuri, Director of WBREDA, said 30 per cent of the production at the Durgapur facility would be consumed domestically while the balance would be exported.

In the next phase, the joint venture company would look at backward integration initiatives.

According to Mr Chang Jing Suk, President of Komex Inc, with rising crude oil prices, solar energy is gradually emerging as the preferred source of renewable energy generation.