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Foundry Daily News

11. April 2011

IN - Electrotherm and Immodo Solar JV for solar projects

Electrotherm Group has entered into a 51: 49 joint venture with Immodo Solar SA of Spain to set up solar photovoltaic projects for solar farms and other grid and non grid applications.

Electrotherm Immodo Renewables Ltd (EIRL), the joint company formed will to provide end-to-end service on a turnkey basis to the companies who have signed long-term solar power purchase agreements with the governments. The company plans to take up at least 30 MW of projects in 2011-12 and more than 50 MW in 2012-13.

EIRL will offer complete EPC and integration 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. EIRL will not manufacture equipment of its own but will integrate the best available systems and technologies. The company plans to diversify into wind energy segment as well.

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