Abengoa (MCE: ABG), an international company that applies innovative technology solutions to sustainable development in the energy and environment sectors, generating electricity from the sun, producing biofuels, desalinating sea water and recycling industrial waste, has signed an agreement with Bharat Heavy Electricals Limited (BHEL) and formalized a strategic partnership to jointly undertake Concentrating Solar Power (CSP) projects in India.
This agreement is wide-ranging, covering joint supply and implementation of CSP plants through EPC contracts (Engineering, Procurement and Construction). It also includes analysis of new areas of co-operation outside India.
This initiative was conceived with the aim of creating a highly competitive player in the industry, for the indian market and some other geographies taking into consideration the high expectations that the development of this type of energy brings.
Abengoa and BHEL will have significant role in business co-operation, under the agreement. Abengoa will contribute its expertise in the development, implementation and operation and maintenance (O&M) capabilities of innovative solar technologies and will also bring its international experience in engineering and industrial construction, in addition to its working capacity, whereas the main value of BHEL would be its knowledge of the energy market, strong design and manufacturing base, EPC capability in energy sector and its track record as one of the benchmark companies in this market.