Enfinity, a global renewable energy developer, and Titan Energy Systems, a manufacturer of photovoltaic (PV) modules, Tuesday announced a collaboration to develop, finance and construct 1 gigawatt peak (GWp) of PV installations on 3000 acres of land in Andhra Pradesh, India over the next five years.
Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC)--a Government of Andhra Pradesh undertaking--will allocate, in long lease, 3000 acres of land in the villages of Thumalla, Dademavaripalli, Pulikuntapalli, Karimireddypalli and Lokogipalli, and at the industrial park of Amadugur near Kadiri, all in Anantapur District in the state Andhra Pradesh.
Enfinity will develop and finance this project while Titan Energy Systems will act as a contractor and supplier of the PV Modules. Enfinity and Titan will for this purpose establish an SPV (Special Purpose Vehicle).
“This collaboration is of major strategic importance in the further development of our activities in the high potential PV market in India”, said Gino Van Neer, Founder of Enfinity and CEO of Enfinity Asia.
"Receiving the allotment letter for 1 GWp solar power plant from APIIC is a testimony of Titan's ability and competency in establishing large utility scale solar power plants. Our SPV with Enfinity would be the right vehicle in implementing such large projects”, commented Sankar Rao, Managing Director of Titan Energy Systems.
India's National Solar Plan has set a solar goal of 20GW by 2020, 100GW by 2030 and 200GW by 2050.
Enfinity in Ontario
On Monday, Enfinity and Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER) announced plans to collaborate on the development of a portfolio of rooftop solar installations in Ontario, Canada.
ECD and Enfinity will partner to co-develop a series of rooftop solar projects throughout Ontario, Canada under the province’s new feed-in-tariff program. The companies expect to complete construction of approximately 10MW of projects during 2010.
ECD, through its subsidiary, United Solar Ovonic, will provide UNI-SOLAR® brand photovoltaic laminates for the projects. ECD will also provide development equity during the construction phase of the project. Enfinity will lead the rooftop acquisition, and will arrange construction debt and take-out equity financing for the project. Upon commercial operation, the project portfolio will be sold to the permanent equity owners.
Mark Morelli, ECD’s president and CEO, said, “We are pleased to announce this expanding partnership with Enfinity, with the collaboration on this Ontario portfolio. Since announcing the Framework Agreement with Enfinity earlier this year, thus far we have partnered on nearly 6MW of projects in Belgium and France that are being supplied by our roofing materials channel partners.