According to reports, Pune-based Kinetic Group has entered into a joint venture with Belgium based Ikaros Solar Group, a company that operates in the solar energy space.
Kinetic owns 25 per cent stake in Ikaros Kinetic Solar Pvt Limited, while Ikaros owns 51 per cent and Intelux India, a Pune-based company specialized in power electronics owns the remaining 24 per cent.
The JV company plans to provide customized solutions to low capacity solar photovoltaic installations ranging from 20KWp to 1MWp. The focus will be residential and commercial rooftops installations in malls, hotels, resorts, hospitals and industrial sheds amongst others.
It has so far installed multiple roof top residential projects in Northern India and is also executing two EPC contracts – one a 10 MW solar energy project in Gujarat and a 1MW project in Tamil Nadu. It plans to deliver projects of 500 MW in the next five years and touch a top line of Rs. 600 crore by then.
For Kinetic, the venture is part of a larger Green initiative. “We have keen interest in diversifying businesses related to green energy and this is a step in that direction,” Sulajja Firodia Motwani, vice chairperson, Kinetic Energy Limited, said.
The other initiatives under Group company Kinetic Green Energy Power Solutions include building battery operated vehicles ranging from two seats to 14 seats in size.
The company has an order for 30 vehicles which being built in KEL’s plant in Ahmednagar, and has delivered the first two, Motwani added.