WARSTEIN-BELECKE, GERMANY: AEG Power Solutions and Electrotherm have signed an agreement to develop their solar business in India together.
The minimum goal is to reach 100MW over a period of 36 Months. First installations are targeted for the last quarter of 2010 (15MW) and for the beginning of 2011 (30 MW) in the states of Gujrat and Rajastan.
AEG Power Solutions, wholly-owned by 3W Power Holdings S.A., is a global provider of premium power electronics. Electrotherm is a major industrial Indian company, founded in 1983. Through its Renewables division it is involved in solar power plants and turn-key installation of photovoltaic solar systems.
Electrotherm provides access to the Indian market by its nationwide presence and its recognized industrial experience. The company will act as EPC (Engineering, Procurement and Construction) in the projects which will be developed by both groups. In addition, Electrotherm will provide MV transformers and other basic components such as structures and complete wiring which are parts of the company’s portfolio.
AEG PS will provide its technical expertise in the solar photovoltaic market, as well as engineering services and will deliver key components such solar inverters, metering, monitoring and controlling equipment and intelligent combiner boxes, part of the total solar power solutions of the group.
Both companies expect to develop together a minimum of 100MW of business activity in India over a period of 36 months. They are targeting first installations in 2010 (15 MW) and 2011 (30 MW) in the states of Gujarat and Rajasthan, as first step of this collaboration.
“The Indian market for Solar is going to be one of the fastest growing and one of the biggest worldwide in the coming years and is expected to have an installed capacity of about 1500MW in next two to three years,” comments Enrique de la Cruz, VP of the Solar Division of AEG Power Solutions.
“Our alliance with Electrotherm is strategic. We are very please to partner with a sound and experienced industrial group whose presence and reputation in the country is of great value to develop successfully on this booming market.”
“We strongly value AEG Power Solutions technical expertise in solar and strongly believe that with this strategic partnership with AEG PS we can successfully execute many turnkey PV EPC projects in India”, comments Siddharth Bhandari, director of the Renewables Division of Electrotherm.
To maximize its potential business development in India, AEG Power Solutions has also decided to implement in 2011 a manufacturing facility for its inverters and provide an extensive service network to serve the local market. The group currently has a factory in Bangalore focused on telecommunications power supply equipment.