XL Telecom in JV with Spanish company
XL Telecom and Energy Limited, a Hyderabad-based company engaged in non-conventional energy power generation, has entered into a joint venture agreement with SDEM TEGA SA, a Spanish company with experience in implementing solar power projects as an EPC (engineering, procurement and construction) contractor in Europe. SDEM has installed over 30-Mw of solar power projects in the last two years.
Under the agreement, SDEM will work with XL Telecom across the globe for bidding for and executing solar power projects jointly. Both the companies will initially explore the emerging India's solar initiative along with the growing Latin America, North of Africa and Australian markets to capture a significant market share.
XL anticipates the India opportunity at about $2 billion (approximately Rs 8,500 crore) and 500-Mw worth of projects in the next 12 to 24 months. With SDEM’s expertise in engineering and project execution, coupled with XL’s 230-Mw module production capacity, the company should be able to give its customers a fast delivery model, XL said in a press release on Thursday.
XL Telecom’s scrip ended the trade at Rs 39.25 on the BSE, up 14.43 per cent over the previous close of Rs 34.30.