New Delhi, June 11 (ANI): Leading US-based solar power companies, American Capital Energy (ACE) and MSM Energy (MSME), are planning to set up a joint venture to generate solar energy in India.
The top executives of these two companies disclosed this at a press conference in New Delhi on Thursday.
During the interaction both companies announced that their new venture would be named as the ICE Solar.
The ICE Solar, will immediately begin providing photovoltaic (PV) solar engineering, procurement and construction (EPC) material through its plant in Gujarat, which is expected to be set up by the end of 2010.
"We are looking to build and plan to build in the next three years a hundred megawatts or so of solar. We have our first 5MW project in Gujarat, which we are planning to construct by the end of this year," said Walter Borden, Managing Director, Asia Pacific region for American Capital Energy (ACE).
"So, very quickly developing at the point of product. But we are looking at over the broader period, over three years. We are looking at 2000 crores (20 billion) of development which is a significant investment," Borden added.
The solar energy aims at reducing energy risks and pollution, turn our open space or roof top into revenue, reduce energy costs and gain competitive advantage by reaching area where otherwise electricity is a major problem.
"For the rural India, the electric power, who have not even seen the power, that is my intention. I am waiting for that intention to be fulfilled and I am sure it will," said Madhav Muvvala, President MSM Energy.
Photovoltaic (PV) is best known as a method for generating electric power by using solar cells to convert energy from the sun into electricity.
PV production has witnessed an annual average rise of 20 percent since its launch in 2002, making it the world's fastest-growing energy technology.
This first PV power plant in India will help the government in realizing its goal of generating 1000 Megawatt (MW) of solar power by 2013 and 20,000 MW by 2020. (ANI)