 "Kinetic Group forays into solar energy business")
The company has formed a joint venture with Belgium’s Ikaros Solar Group which is operational in photovoltaic market and Pune-based power electronics company Intelux India.
The new JV will be known as Ikaros Kinetic Solar. The company has targeted power generation of 100 Mw in the next five years and revenues of Rs 600 crore.
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The JV will provide customised solutions cater to low capacity sloar PV instalations of 20KWp to 1 Mw focusing residential and commercial roof top installations used by various entities.
The shareholding pattern of the JV is Ikaros 51 per cent, Kinetic Group 25 per cent and another Intelux India 24 per cent. However, Kinetic has not disclosed the actual investments for this venture.
“This is an affordable form of energy. Our objective is to create sustainable alternative solutions to the ever growing shortage of natural resources. There is a huge power deficit issue across India and we see it as a opportunity to fill this gap. We would like to leverage the Ikaros global expertise, technical prowess and our relationships in the market to reduce the country’s carbon footprint. We are confident of a long lasting profitable ecological business,” said Sulajja Firodia Motwani, vice chairperson, Kinetic Engineering and director, Ikaros Kinetic Solar.
Speaking on this, Yuves Devis, Chief Executive Officer (CEO) and founder Ikaros Group said, “Over 70 per cent of India is covered with high density solar area. We have huge potential in India for solar power energy. We aim to build our business in a sustainable manner in India, focusing on 15-20 Mw in initial years and aim to achieve installations of over 100 Mw in the next five years to generate a revenue of over Rs 600 crore. India is an emerging market with a strong need for alternative power solutions to address the growing demand.”