Electrotherm forms JV with Spanish firm for solar projects

Virendra Pandit Ahmedabad | Updated on November 22, 2017 Published on March 28, 2011

Promoters of the Ahmedabad-based Electrotherm Group today announced a joint venture with Immodo Solar S A, a Spanish company, for the promotion and development of solar photovoltaic projects for solar farms and other grid and non-grid applications.

In its first year, the JV is expecting to execute 30 MW of projects with revenues of Rs 350 crore in 2011-12.

The 51:49 JV is aimed to provide end-to-end service on a turnkey basis to the companies who have signed long-term solar power purchase agreements (PPAs) with the governments and others, Mr Siddharth Bhandari, Managing Director of the JV, Electrotherm Immodo Renewables Ltd (EIRL), said here.

The company aims to target the emerging markets of Asia and Africa, said Mr Jose Luis Moya, President, EIRL. In India, it expects to take up at least 30 MW of projects in 2011-12 and more than 50 MW in 2012-13.

It will offer complete EPC and integration to its customers and provide support related to financial closure for their respective projects, besides undertaking execution, operations and maintenance of the projects for the entire period of PPAs, he added.

EIRL will not manufacture equipment of its own. It will remain a technology-neutral and flexible player, and integrate the best available systems and technologies, at the lowest cost possible, for long-term use. This business model is expected to make EIRL provide the maximum performance during the 30-year life of the solar project.

Wind energy

Subsequently, the company plans to diversify into wind energy segment as well.

The six-year-old Immodo Solar SA, a first generation entrant in the Spanish feed-in-tariff market, has so far developed, built and finance-structured more than $500 million for about 60 MW solar projects, with another 16 MW under construction in 2011, Mr Moya said.

It has operations in the US, France, Chile and other countries and its revenues in 2010 were $60 million. Solar energy contributes 5-6 per cent (17,000 MW) of energy needs in Germany and 2 per cent (4,000 MW) in Spain, he added.

Published on March 28, 2011

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