Astonfield Renewable Resources has entered into a strategic partnership with Spanish-based solar power producer Grupo T-Solar Global.
The partnership has been initiated with a five megawatt solar photovoltaic project in Osiyan Rajasthan.
The project is expected to generate a minimum of 8,500 MWhr (megawatt hours) a year, which Astonfield said was sufficient to power over 13,000 Indian households.
With T-Solar's strategic investment and project debt financing in place from leading Indian banking institutions such as the State Bank of India and the Export-Import Bank of India, Astonfield said the project would be commissioned as per schedule.
Mr Ameet Shah, Co-Chairman, Astonfield, said, “We are fortunate to draw on T-Solar's strength and look forward to replicating its successes as we build and develop Astonfield's growing solar pipeline.
“Today's announcement is a validation from investors and the Indian banking community of Astonfield's solar project finance model and its ability to execute.”
T-Solar has an installed generation capacity of 168 MW in Spain and Italy, besides a pipeline in Southern Europe, Latin America and the US. Mr Juan Laso, CEO, T-Solar, said, “The Indian solar market is one of the key strategic growth markets for T-Solar, and we have invested significant resources in identifying the right way to develop it.”
Astonfield will deploy T-Solar's latest generation thin film modules in the project scheduled for commissioning by October 2011. .
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.