The US-based SunBorne Energy, which has two solar projects in India, has informed the US Securities and Exchange Commission that it intends to raise $ 20 million by an issue of equity shares. It said that it has already raised $ 5 million.
SunBorne Energy is funded by Khosla Ventures, promoted by the India born, US-based billionaire venture capitalist, Mr Vinodh Khosla.
SunBorne has a 15 MW solar PV plant in Gujarat. Earlier this year, it won a 5 MW solar PV project in Rajasthan under Phase I of the National Solar Mission. More recently, it won a bid to set up a 10 MW solar thermal project in Karnataka.
These are just two projects, but SunBorne, which believes that “solar energy generated from just 10 per cent of India’s Thar desert can meet all of the country’s power needs,” intends to set up 1,000 MW of solar project in the country.
It targets 200 MW and would aim to achieve grid parity (or sell solar power at the same price as conventional power) by 2014.
“Of all the renewable sources, solar energy is the most promising,” says SunBorne in its website, adding that the company is “assembling a team of internationally trained engineers and scientists to help with breakthrough technology using the Indian cost advantage.”
Last year, SunBorne entered into a contract with the Chinese company, Suntech Power, for the supply of solar panels worth 100 MW for projects in India.