The Hindu Business Line : Titan Energy, Enfinity tie up for solar power project in AP

Hyderabad, Nov. 10 Titan Energy Systems and Enfinity, based in Waregem Belgium, have joined hands to establish a 1 Giga Watt Power (GWp) or 1000 MW of solar Photovoltaic (PV) installations in Andhra Pradesh.

Enfinity will develop and finance this project while the Hyderabad-based Titan Energy Systems will act as a contractor and supplier of the PV Modules. Enfinity and Titan will establish an SPV (Special Purpose Vehicle) for this purpose.

In the Phase-I of the project about 500 MW capacity is to be constructed in the next five years. About 1,500 acres has been allocated to Titan Energy in Kadiri in Anantapur district by the State Government. At the present cost of Rs 15 crore a MW, the first phase would entail an investment of about Rs 7,500 crore, said Mr Shankar Rao Chogadam, Managing Director, Titan Energy.

Enfinity would raise the necessary funds in due course. The SPV will sign the power purchase agreement with the power utility to ensure the solar power generated is supplied to the grid. Necessary details would be worked out, Mr Shankar Rao told Business Line.

Andhra Pradesh Industrial Infrastructure Corporation Ltd has allocated to Titan Energy, on long lease, 3,000 acres in Kadiri of Anantapur district. A letter was presented by the Chief Minister, Mr K. Rosaiah, to Mr Shankar Rao at the inaugural of the three-day SolarCon 2009, which began here on Monday. “This collaboration is of major strategic importance in the further development of our activities in the high potential PV market in India”, Mr Gino Van Neer, Founder of Enfinity and CEO of Enfinity Asia, said in a company announcement.

Enfinity, a global renewable energy player, is present in 12 countries including Belgium, Italy, Spain, France, Greece, the US, Canada and Germany.

To finance these projects, Enfinity works with individual project companies whose financial means are provided by equity investors and banks. Enfinity is in the process of developing, building and financing PV projects with a total capacity of more than 145 MW and is planning to initiate several hundred megawatts through 2010.

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