Essel Group to form JV with China's J A Solar for photovoltaic technology

In its quest to serve the growing solar energy market in the country, the Subhash Chandra-headed Essel Group has signed an agreement to form a joint venture (JV) with J A Solar, China’s leading solar energy firm, to launch a solar cell and module manufacturing company in India.
 
Under the agreement, which was signed between Essel Infraproject (the flagship infrastructure arm of the Essel Group) and J A Solar, the JV will be set up with 50:50 partnership.
 
The JV will set up a manufacturing facility in India with an estimated capital expenditure of $150 million (approximately Rs 950 crore) out of which $30-45 million (Rs 190 to Rs 285 crore) will be by means of equity funding. It will focus on photovoltaic (PV) technology to manufacture solar cells, panels and modules in India. The facility is expected to generate 500 MW of power per annum.
 
The Essel group is amongst the front runner in developing one of India’s largest solar plants in Tamil Nadu.
 
The agreement with the Chinese firm follows the technology transfer pact inked by Essel Group last month with FeCon GmbH, a subsidiary company of Germany-based Wind and Sun Technology GmbH, for developing and manufacturing wind turbines in India along with power station and grid equipment for solar and wind energy to suit Indian conditions.