Voltech, NanoPV to set up solar panel JV

Oct 26, 2011 - Indian Voltech Group, active in electrical systems testing and commissioning, on Tuesday said it had inked a 50/50 solar panel production joint venture deal with US silicon solar panel maker NanoPV.

The Indian partner will invest between INR 1.5 billion (USD 30m/EUR 22m) and INR 2 billion in the venture, dubbed NanoPV Voltech Solar India Pvt Ltd. The joint entity will run a solar panel manufacturing facility in Tamil Nadu and will produce 10 to 30-MW panels annually.

As part of the deal, NanoPV will contribute with technology, machinery and know-how to the new firm, whose operations are due to start within six months.

With this move, Voltech will be able to set foot on the solar power market. As a result, the company expects its turnover to rise to USD 100 million by 2012-2013 from USD 40 million currently, Voltech Group's chairman and managing director, M Umapathy, told reporters.

(INR 100 = USD 2.020/EUR 1.447)

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