Webel-SL Energy Systems has decided to divest its 49% holding in its Singapore-based joint venture (JV) outfit Solar Energy Power. Webel will now concentrate solely on its upcoming 30MW silicon solar cell fabrication line in the Falta SEZ. The joint-venture was set up for manufacturing solar cells. Webel SL sold its stake to Freddy Goh of Singapore. Webel-SL, which held 4,90,000 shares at Singapore Dollar (SGD) 1 per share, will be selling it back for SGD 7,50,000 to the Singapore-based company. The share prices have appreciated almost 50%, since they were purchased in January, 2006, Vinay Ajitsaria, manager (accounts) of Webel-SL, said.The company plans to raise Rs 150 crore, by issuing equity shares either in the domestic market or overseas, to finance expansion of its plant. The money received via selling the shares would also be invested in this project, though the sum would be quite insignificant compared to the total expenditure envisaged, Ajitsaria said.The Falta unit, which is being built over an area of 10,000 sq mts is expected to begin production after March 2007, by when machinery would be delivered to the site, Ajitsaria said. The plant is expected to reach full output potential by August 2007. Centrotherm Photovoltaics GmbH and Co KG of Germany would provide technological expertise and training to Webel-SL for the project. The product, would be manufactured solely by Webel-SL.
