India's XL Telecom & Energy and Spain's SDEM TEGA, both in solar energy segment, have formed a joint venture to bid and execute solar power projects across the globe.
Hyderabad-based XL Telecom in a statement today said, "SDEM TEGA will now work with XL Telecom & Energy across the globe for bidding and executing solar power projects jointly."
SDEM TEGA is a solar engineering, procurement and construction company with experience in implementing solar power projects as EPC contractor in Europe.
"SDEM TEGA and XL Telecom will initially explore the emerging India's solar initiative along with the growing Latin America, North of Africa and Australian markets to capture significant market share," the company said.
XL anticipates the India opportunity at about Rs 8,500 crore or $2 billion and 500 Mw worth projects in the next 12-24 months.
