Vikram Solar enters JV with Proener Renovables

Vikram Solar has entered a strategic alliance with Spain-based Proener Renovables and the newly-formed JV company Vikram-Proener Project will have a 51 per cent stake of Vikram Solar, whereas Proener will hold the other 49 per cent. As its maiden project, Vikram Proener Projects will construct and install solar power facilities, starting with its maiden venture of a 2 MW project at Raipur, Chhattisgarh, at an approximate investment of Rs 25 crore and will be operational by July 2011.

Speaking on the occasion, HK Chaudhary, Chairman, Vikram Solar, said "As part of our backward integration strategy, we are considering building up of 120 MW of PV cell manufacturing capability to enhance the supply of higher efficiency and superior quality cells to build our PV solar panels and set fresh benchmarks in global competitiveness and better performing modules, while going beyond, dynamically, from the current solar PV module manufacturing capacity of 100 MW."

Fernando Arroyo Villuendas, Director, Vikram-Proener Projects, said, "The JV will bring forth both innovations and efficiency in renewable EPC contracting. This agreement will clearly strengthen our competitive position and add to our future successes in the renewable energy sector."

Meanwhile, according to KPMG, India may be able to produce solar electricity as cheaply as from fossil fuel-based power plants by 2017. A KPMG official said India may install three times as much solar capacity by 2022 if solar powered electricity attains grid parity. Solar power prices are projected to decline by 7 per cent a year in the next decade on more efficient technologies and lower manufacturing costs.

Contact: Vikram Solar
Tel: + 91 33 22307299
Web: www.vikramsolar.com