Websol Energy Systems hits the roof on signing JV term sheet

Websol Energy Systems hit an upper circuit limit of 10% at Rs 108.50 after the company said it has entered into a term sheet for establishment of a joint venture with AMP to manufacture and produce solar cells in West Bengal.

Under the joint venture, the company will be manufacturing and producing upto 1.2 gigawatt (GW) monocrystalline PERC (Passivated Emitter and Rear Cell) solar cells and modules in two phases of 600 megawatt each with AMP Energy India at their existing unit at Falta, West Bengal.

It is proposed to set up the unit in a JV company in which Websol will hold 51% and AMP the balance 49%.The project is to be financed with a combination of debt and equity and will have an off take agreement with AMP Energy India Ltd for upto 50% of production.

The company said that the term sheet is subject to both parties agreeing on certain commercial terms and DD, definitive agreements.

Websol Energy System is a Kolkata-based manufacturer of solar cells and modules.

The company reported a net loss of Rs 7.61 crore in Q1 FY23 as against a net profit of Rs 3.12 crore in Q1 FY22. Revenue from operations dropped to Rs 3.24 crore in the first quarter from Rs 43.02 crore recorded in the same period last year.

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