Utility-scale solar project developer SunBorne Energy has partnered with independent power producer Eoxis Energy, in a deal through which Eoxis has gained a 49 per cent equity stake in SunBorne's 15MW project in India.
The move represents Platina Partners-backed Eoxis Energy's first investment in India. In a statement, the company said it has plans to reach 300MW of installed capacity in the next three years.
The project, located in the state of Gujarat, is expected to be operational by December 2011 and falls under the local solar programme, which aims to provide a stable business environment for the development of renewable energy generation facilities.
Laurence Mulliez, CEO of Eoxis, said, '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.'
A key element of India meeting its ambitious solar targets will be to encourage investment from both local and international developers and financiers.
Anil Nayar, executive director and CFO