Vikram Solar enters into a Strategic JV with the Proener Renovables of Spain
The PR talks about Vikram Solar's joint venture with Proener Renovables. Vikram Solar is a pioneer manufacturer of Solar Photovoltaic modules and Proener Renovables is a leading company in Engineering processes, Design, Construction and Maintenance of large photovoltaic Solar Power Plants.The two companies together aim to bring about a significant development in the renewable energy sector.
- (1888PressRelease) May 26, 2011 - Kolkata
•Targets Rs. 1000 Cr of revenue generation by the next three years and 250 crore in its first year of operation.
•To commission a 2 megawatt solar power capacity at Raipur with an estimated project cost of Rs. 25 crore as its initial venture.
Marking a significant development in the renewable energy sector in India, Vikram Group of Industries - a diversified company operating in the Tea and Tea Processing Machinery manufacturing, Steel, Solar Power, Textiles & Yarns and Finance space, has created a strategic alliance through its dedicated group company Vikram Solar (manufacturers of Crystalline PV Modules) with Spain based Proener Renovables - a, leading company in Engineering processes, Design, Construction and Maintenance of large photovoltaic Solar Power Plants which has executed more than 300 MW installations. The newly formed JV Company Vikram- Proener Project will have a 51% stake of Vikram Solar, whereas Proener Renovables will hold the rest 49% retaining their respective existing products and individual partnerships.
As its maiden project, Vikram Proener Project's will construct and install solar power facilities, starting with its maiden venture of a 2 Megawatt project at Raipur, Chattisgarh, with an approximate invested cost involvement of Rs. 25 Cr and will be operational by July 2011. This will also be a initiative to address the generation of green energy and each project we undertake will impact our environment, directly and also generate considerable employment opportunities for each of the states we work in and also in West Bengal.
This company targets to generate revenues of Rs.1000 Cr in the coming three years and Rs. 250 Cr in its first year of operation The Company would primarily address the Engineering, Procurement and Construction (EPC) projects under the JNNSM Scheme, apart from state level projects with distinct focus on roof top and Solarisation of Telecom Towers, as well. The Company also aims to cater to the private sector projects.
This development within the solar power industry in India becomes significant when Jawaharlal Nehru National Solar Mission (JNNSM) estimates that 5,000 trillion kWh per year energy is incident over India's land area.
The two technology routes for conversion of solar radiation into heat and electricity, namely, solar thermal and solar photovoltaics, can effectively be harnessed, providing huge scalability for solar energy generation in India and JNNSM has enabled a policy framework for the deployment of 20,000 MW of solar power by 2022. The development also finds its relevance when the Government of India and the State Governments aims to promote ecologically sustainable growth while addressing India's energy scarcity which is a critical challenge on one hand and also constitute a major contribution by India to the global effort on climate change issues on the other.
Speaking on the occasion Mr. H. K. Chaudhary, Chairman, Vikram Solar P Ltd said "Conservation of fossil fuel is currently an important issue world wide and thus importance of renewable energy becomes significant. Our company which has been emphasizing heavily on application of engineering and technology into the renewable energy sector will see an added strength in terms of expertise and execution capabilities. As part of our backward integration strategy we are considering building up of 120 MW of Photovoltaic Cell manufacturing capability towards enhancing the supply of higher efficiency and superior quality cell's to build our PV solar panels for setting fresh benchmarks in global competitiveness and better performing modules, while going beyond, dynamically, from the current Solar PV module manufacturing capacity of 100 MW."
Mr. Fernando Arroyo Villuendas, Director, Vikram-Proener Projects said "The joint venture with Vikram Solar will definitely bring forth both innovations and efficiency in renewable EPC contracting. We are very excited to enter into a growing strategic relationship with Vikram Solar. This agreement will clearly strengthen our competitive position and add to our future successes in the Renewable Energy sector".
Vikram-Proener Project's, one of the pioneering efforts in the EPC projects space, will provide a high quality service from the initial design phase to project implementation, with services for System Integration and Turnkey power solutions, both for grid tied and off grid applications, in the Crystalline, Thin Film, CSPV and CSP projects application scope, in India. The JV Company will also enhance Vikram Solar's strength in product development skills and manufacturing facilities.
About Vikram Solar:
Vikram Solar, headquartered in Kolkata is an internationally acclaimed enterprise which specializes in manufacturing of PV solar modules. Since its inception in 2006, Vikram Solar have gradually developed towards becoming one of the key players among mono crystalline and multi crystalline photovoltaic solar module manufacturers, operating with a global footprint.
Vikram Solar owns one of the most technologically advanced solar PV module manufacturing facility in India. Its ISO 9001-2008 accredited manufacturing plant, located in the Special Economic Zone (SEZ) of Falta, West Bengal, is spread over a sprawling 40,000 sq ft area and boasts of an annual power production capacity of about 100 MW plus. Besides, Vikram Solar being a top solar product manufacturer has a global presence with offices in Germany, United States, and Kenya. From fostering innovation to building trust, honesty and building on its corporate social responsibility, Vikram Solar has emerged as one of the front-runners among leading solar PV module manufacturers, in India & Internationally.
About Proener Renovables:
Proener Renovables, a Proener Group company, is one of the key players in the renewable energy sector, internationally, contributing to a more sustainable energy model by way of engineering, construction, operation and of electricity based on clean energy sources. Its main objective is to provide high quality service, from initial design phase, to start the installation, including management of materials and execution of the project itself. The expertise and core competencies of this organization, resides in Engineering, Design & Construction. It has successfully implemented more than 50 multi megawatt level projects, across the globe, till date.
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