Panchabuta had talked last month about Indian conglomerate Vikram Solar, one of the leading manufacturers of crystalline PV modules in India, has floated a Joint Venture with the spanish corporation, Proener, which will help create a new business opportunity for both , while retaining their existing products and partnerships. The new Joint Venture Company has been named Vikram-Proener Projects.
Proener is a company dedicated to the installation of electricity power stations based on clean energy sources. The main aim of the company is to provide a high quality service from the initial design phase to project implementation. The Group has extensive experience in the construction of photovoltaic installations and has positioned itself as a leading company in Engineering processes, Design, Construction and Maintenance of large Photovoltaic Solar Power Plants and has already completed execution of more than 300 MW installations.
According to reports today, leading PV solar modules maker in eastern India Vikram Solar today said it has entered into a pact with Spanish solar company Proener to take up EPC contracts of large solar power projects.
It has also planned for Rs 1,700 crore investment in expanding its solar power business, Vikram Solar Director Gyanesh Chaudhary said.
“We are planning for a total Rs 1,700 crore capex over the next five years, including an expansion into PV cell manufacturing in the existing unit at Falta with Rs 300 crore,” Chaudhary said.
“We will fund the PV cell manufacturing from our own resources, but to expand to wafer level we will require to hit the capital market with an IPO as the investment would be large,” he said.
He did not elaborate on the size of the IPO.
However, the company is looking for another location outside West Bengal for solar wafer manufacturing facility.