Targets 30 MW projects in 2011-12
Electrotherm Immodo Renewables Ltd (EIRL), a 51:49 joint venture (JV) between the promoters of Ahmedabad based Electrotherm and Immodo Solar S.A of Spain, plans to undertake turnkey power projects in the future that will combine wind and solar power solutions to its customers.
The newly promoted JV company will now offer complete complete engineering, procurement and construction (EPC) and integration to its customers and will provide support related to financial closure for their respective projects.
"The solar photovoltaic market in India is now growing at a very fast rate with the National Solar Mission (NSM) and other states taking up solar policies and projects. The company expects to take up at least 30 MW of projects coming financial year 2011-2012 and above 50 Mw of projects in the following year 2012-2013,” said Jose Luis Moya, president of Electrotherm Immodo Renewables Limited. The company is targeting revenues worth Rs 350-360 crore within March 2012.
The NSM target is to have 1000 Mw of grid connected solar power installations in the country by 2013, said Siddharth Bhandari, managing director of the Electrotherm Immodo Renewables Limited. As for the combined renewable energy projects, Bhandari said, " We plan to come up with such offerings to our customers in the longrun. With joint wind and solar energy farms, one can generate electricity right through the year. As EPC contractors, we can source wind energy equipment like we will now be sourcing the solar photo-voltaic cells. "
While the cost of installation of solar power is around Rs 12-13.5 crore per Mw, the cost of installing wind power is around Rs 3.5-4 crore per Mw.
Immodo Solar an industry leader with the one of the largest installed solar capacity in the world, for the promotion and development of solar photovoltaic projects for solar farms and other grid and off-grid applications. Since its foundation six years ago , Immodo Solar has developed, built and finance structured more than $500 million for more than 60 Mw solar projects. It has another 16 Mw under construction in 2011.
EIRL plans to offer fixed system solutions and tracking solutions to its customers. Electrotherm's promoters had acquired a Illinois based battery maker Firefly last year. The company has recently started using Firefly's carbon foam technology to manufacture deep cycle batteries. Bhandari said that these carbon graphite foam lead-acid battery that has multiple applications in locomotives, power stations, UPS, automotives and telecom towers. "These can be used as a storage solution for the power generated at solar farms.", he added.