Webel in solar cell JV with European firm

Webel-Sl Energy Systems, a leading producer of solar photovoltaic (PV) cells and modules in the country, has entered into a joint venture with a leading PV-cell manufacturing company in Europe to set up a production unit in West Bengal for solar cells and wafers.

According to an official release issued by Webel-SI Energy to the Bombay Stock Exchange (BSE) today a memorandum of understanding(MoU) in this regard has been signed with a European company.

Kolkata-based Webel started production about a decade ago by manufacturing 5-inch wafers with an installed capacity of 1 MW (megawatt) in technical collaboration with a European manufacturer. Now the company has 5 MW capacity and produces different types of PV cells and modules.

According to the MoU and based on the semi-conductor policy recently announced by the central government, the parties intend to study and assess the feasibility of setting up a production unit of wafers and solar cells with an installed capacity of 100 MWp, that could be expanded up to 200 MWp.

Wafers are thin semiconducting materials on which microcircuits are built. The company did not disclose the name of the new joint venture partner and the investment going into the proposed project.

About an year ago, Webel had divested its 49% stake in a Singapore-based joint venture company, Solar Energy Power for about Rs 2.16 crore.

"Depending on the results of this study and subject to the respective boards' decisions, the parties intend to possibly create a joint venture to build and operate the new plant," the company said.