Ezon Energy Solutions, Coimbatore based startup has established a joint venture with LLC to setup 1,000 MW of solar power generation projects in the country. The joint venture will be named as Arcor Ezon and is expected to invest 1 billion dollars in setting up the power units in southern India and Gujarat.
"The joint venture is putting in 1 billion dollars in India. The ratio is confidential," said Hiten Shah, vice-chairman, Ezon Energy. Further to this he also added that the equity holding will depend upon the project and capability to infuse equity in each project on a standalone basis.
Ezon Energy was founded in 2013 by SK Radhakrishnan, a technocrat who worked with Bharat Heavy Electricals Limited (BHEL) previously. Ezon has patented a three axis tracker solar system that gives an output of 1.9 million units per MW per year as compared to 1.6 million units of energy from others in the market. The company has installed 100 rooftop solar panels with 21 MW capacities in India so far and another 100 of solar project capacity under execution.
Arcor Energy is one of the main players in solar development and funding space. This deal marks Arcor’s entry into India. In 2016, it raised 1.4 billion INR (21.67 million dollars) from Japanese investor Natori Nohisa for 140 MW solar power project in Karnataka and Kerala. It has also worked on solar projects in Turkey, Romania, and the UK, among other markets.
Lately, international firms are taking more interest in the Indian solar market. Recently, rooftop solar installer CleanMax Solar launched a JV with Japan’s Hitachi High-Tech to supply to Japanese companies in India. Other than this, another JV was announced recently by Sun Renewables of India and Orix of Japan for distributed generation in India.
June 05, 2017