core sector communique

SunBorne Energy achieves investment from European Eoxis Energy

New Delhi, October 18, 2011: SunBorne Energy, a leading developer in utility scale solar projects, has partnered with a European based IPP Eoxis Energy, who now owns 49% equity in SunBorne’s 15 MW solar PV projects being built in the State of Gujarat, India. This is yet another milestone after closure of project financing and further strengthens the Company’s commitment towards timely completion of the project and ability to fund capital for solar projects.

The project is expected to be operational by December 2011 and falls under the solar programme of the State of Gujarat that provides a stable and favourable business environment for the development of renewable energy generation facilities. India has just commenced on an ambitious solar power development programme and one of the key success criteria for developers is to be able to attract equity from both Indian and global investors.

This is Eoxis’ first investment in India and demonstrates its strong commitment to the country. Eoxis has ambitious plans to reach 300MW of installed capacity in the next three years and intends to make several further investments in both Wind and Solar generation plants.

On this occasion, Anil Nayar, Executive Director and CFO, SunBorne Energy said, “We are excited that an investor of Eoxis's strength has reposed confidence in our company's project. We look forward to strengthening our partnership with Eoxis Energy for a long term partnership. More such investments on project basis will reinforce the growth potential of the solar industry in whole.”

Laurence Mulliez, CEO of Eoxis, commented: “We are delighted with this investment that allows Eoxis to become a significant player in the nascent but fast growing Indian solar sector. We believe that central and local governments in India are willing to continue to provide support for the development of this sector and that experienced operators like Eoxis are well placed to play an active role in the development of the industry.”

About Eoxis

Eoxis is an independent power producer focused on renewable energies with a global mandate. It develops, invests in and operates high quality renewable energy assets in several countries around the world with a technology focus on solar and wind energy, as well as hydro and biomass. Eoxis currently owns and operates 30 MW of solar PV facilities in Spain. It has a long-term horizon and operates with a team of highly experienced investment, operational and technical professionals. Eoxis is backed by Platina Partners, a European private equity firm focused on renewables with a significant track record in Wind and Solar generation.

About SunBorne:

SUNBORNE ENERGY intends to become a leading solar power developer to be the first to reach grid parity. This will translate into developing and executing projects of over 1 GW of power by 2015 with another ~1 GW PV & CSP projects in pipeline by 2015 achieving grid parity in next 5-7 years. SunBorne Energy’s scope of functions includes research and development, localizing capabilities in design, Turnkey engineering, procurement & construction, distribution and operations. It is developing Utility Scale Solution Plants in Gujarat, Rajasthan and Andhra Pradesh across PV & CSP with other States in the pipeline.