According to reports, Harsha Engineers Ltd (“Harsha”) a Gujarat-based global solution provider of bearing cages as well as special purpose stamped components has entered into a majority stake joint venture agreement with German firm Abakus Solar AG, having long-standing experience in Solar Photovoltaic (Solar PV) business.
Deloitte Touche Tohmatsu India Pvt. Ltd assisted Harsha in the deal as the company was keen to diversify into the solar energy space, in order to tap the enormous potential in this sector in India.
The joint venture, which is the first of its kind in Gujarat, will help Harsha grow to be an EPC contractor/Systems integrator for Solar PV applications, including power plants, rooftops, BIPV etc.
It will enable Harsha to bring world-class capabilities for assisting Solar PV power generation companies set up and maintain Solar PV power plants, and thus play an important role in realizing the solar mission of Gujarat as well as India.
“We have strong engineering and execution skills in addition to in-depth understanding of the Indian renewable energy market. By bringing Abakus solar on board we have made sure that the joint venture Harsha Abakus Solar will also offer 15 years of technical expertise and system integration experience of Solar PV industry along with direct links to production capacities.” said Munjal Rangwala, CEO of Harsha Abakus Solar.
“Solar PV application is a technology-intensive process requiring high expertise and know-how. It is challenging for a new entrant to replicate the success of companies having a long standing in the Solar PV market,” said Kalpana Jain, Senior Director, Deloitte Touche Tohmatsu India Private Limited. “Harsha was therefore advised to seek a joint venture (JV) partner who could bring in the appropriate know-how and skill-sets facilitating the company’s expansion plans.”
The Solar EPC space has seen a lot of activity this past year and a couple of months ago, as Panchabuta had reported, Gehrlicher Solar AG in JV with Greenforce Enviro to provide Solar EPC.
XL Telecom announced a JV with SDEM TEGA a part of the ST group of Spain for execution of engineering, procurement and construction (EPC) contract for the upcoming up 500 megawatt solar power project in the next 12 to 24 months in India.
Recently EIL made its foray into the Solar energy sector with a tie up with Exergy Consortium (Exergy) to provide Lumpsum Turnkey (LSTK) EPC services for setting up MW sized grid connected Solar Farms for Investors and Project Developers.
There are other players like PLG Power Limited that claim to be a vertically integrated company operating in the PV sector, Procon Energy Solutions that provide complete Solar PV Power Plant System Integration solutions.
Titan Energy Systems started to develop and manufacture high-quality solar photovoltaic modules. Since, they have become pioneer in this area and have developed multiple megawatt scale Solar PV plants including the first one in India in Jamuria, West Bengal. Subsequently Titan had started to undertake design, construction, operation and maintenance of grid-connected and off-grid solar systems on ‘turnkey’ basis for end customers. Last year, Hyderabad-based Titan Energy Systems Limited raised Rs.30 Cr from IFCI Venture Capital through its Green India Venture Fund.