Leading developer in utility scale solar projects SunBorne Energy has joined hands with Europe-based IPP Eoxis Energy for executing the 15 MW solar photovoltaic (PV) project being built in Gujarat. The project is expected to be operational by December 2011 and falls under the solar programme 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.
According to an official statement here, this is Eoxis' first investment in India and demonstrates its strong commitment to the country. Eoxis has ambitious plans to reach 300 MW of installed capacity in the next three years and intends to make several further investments in wind and solar generation plants.
Anil Nayar, CFO of 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. More such investments on project basis will reinforce the growth potential of the solar industry in whole,” he added.
Laurence Mulliez, CEO, Eoxis, said this investment allowed 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,” he said.
