Companies

Vikram Solar, Spanish co Proener form joint venture

| Updated on: May 06, 2011

Kolkata-based Vikram Solar, a crystalline photo voltaic module manufacturing company, has entered into a 51:49 joint venture with Proener Renovables of Spain to supply plant and machinery for solar power projects on a turn-key basis.

Proener Renovables is a €90-million (Rs 567 crore) EPC contractor in solar power sector.

The joint venture, Vikram Proener Projects, is currently executing two solar projects – one each in Raipur (Chattisgarh) and Rourkella (Orissa) – and is looking to clock revenue of Rs 250 crore from the first year of its operations in 2011.

According to Mr H K Chaudhary, chairman of Vikram group, the company will execute the Chhattisgarh project for Chhatisgarh Investments Ltd at a consideration of Rs 25 crore. The 2-MW facility is scheduled to be operational in August. The 1-MW solar project in Rourkella will be built at a consideration of Rs 13 crore.

The JV is also looking ahead to explore business opportunities in the various African nations.

POWER GENERATION

The company is also planning to foray into solar power generation. It has already bid for a 5-MW plant near Bhuj in Gujarat under the National Solar Mission (JNNSM).

“Solar power generation will be undertaken through a separate arm of the Vikram group and not through Vikram Proener,” Mr Gyanesh Chaudhary, director, Vikram Solar, said.

CAPACITY EXPANSION

Meanwhile, Vikram Solar plans to double the photo-voltaic panel production capacity at its Falta unit in West Bengal.

The company produces 55 MW equivalent of PV panels. Plans are afoot to push up the production to 110 MW in this fiscal at an estimated investment of Rs 150 crore.

Another Rs 300 crore will be invested by the company to set up PV cell manufacturing units.

Plans are on to set integrated PV cell and module manufacturing facilities in Pune and Bangalore as a part of the capacity expansion plan.

“We expect the PV cell manufacturing units to start production by mid 2012,” Mr Chaudhary said.

The company is mulling an IPO to fund its Rs 1,500 crore expansion plan in the next five years.

Published on May 06, 2011

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