Electrotherm promoters form JV with Immodo Solar
to execute turnkey based EPC solar photovoltaic projects
March 28, 2011:
Promoters of Ahmedabad based Electrotherm today announced a joint venture with Immodo Solar S.A., an industry leader with the one of the largest installed solar capacity in the world, for the promotion and development of solar photovoltaic projects for solar farms and other grid & off-grid applications. Immodo Solar S.A. is one of the first generation entrants in the Spanish feed‐in‐tariff market specializing in renewable energy generation and integrated services including energy efficiency and clean energy manufacturing.
Electrotherm Immodo Renewables Limited (EIRL), the newly promoted joint venture company, will offer complete EPC and integration to its customers and will provide support related to financial closure for their respective projects. EIRL will undertake execution of turnkey Enginnering, Procurement and Construction (EPC) projects for its customers or developers.
“Most developers in the market today look for a reliable and experienced EPC player who can give them the twin guarantees of power generation and good returns on their investment. Electrotherm’s association with Immodo will bring this value to the promoters and developers of the solar projects with operations and maintenance of the plant being looked after till 25 years, and ensure the highest profitability” said Siddharth Bhandari, Managing Director of the Electrotherm Immodo Renewables Limited.
“The solar photovoltaic market in India is now growing at a very fast rate with the National Solar Mission and other states taking up solar policies and projects. The company expects to take up at least 30 MW of projects coming financial year 2011-2012 and above 50 MW of projects in the following year 2012-2013” said Jose Luis Moya, President of Electrotherm Immodo Renewables Limited.
The company is a technology neutral player and working with full range of PV technologies from Thin-film, crystalline and CPV multi-junction cells with mounting systems varying from fixed ground to 1-axis, 2-axis tracker. This business model will allow EIRL to provide their customers the maximum performance during the 30-year life of the solar project.
About Immodo Solar S.A.
Immodo Solar S.A. is one of the first generation entrants in the Spanish feed‐in‐tariff market . It belongs to ImMODO Group and since its foundation 6 years ago , ImMODO Solar S.A. has developed, built and finance structured more than $500 million for more than 60 MW solar projects with another 16 MW under construction in 2011.