EnergyX announced signing an agreement with Talesun Solar back in February 2018 to develop utility scale solar power project development. Now, local media say they will develop 4 GW of such projects together through a JV. (Photo Credit: TaiyangNews)
- Chinese solar power company Zhongli Talesun Solar’s Swiss subsidiary Talesun Solar Switzerland will float a joint venture for solar power development in India
- It will launch the joint venture with EnergyX, an Indian solar asset developer with 12 MW of commissioned solar capacity
- This capacity will be developed for an investment of INR 200 billion ($2.8 billion), according to Indian business daily The Economic Times
Talesun Solar Switzerland A.G., the Swiss presence of Chinese solar power company Zhongli Talesun Solar, will form a joint venture with Indian solar asset developer EnergyX to develop 4 GW worth of solar power projects in India, reported Indian business newspaper The Economic Times.
Developing the 4 GW capacity will require an investment of INR 200 billion ($2.8 billion). “With our cross-continental experience in project development and EPC and in-house supply of solar panel, we are confident that we will carve a niche in the Indian solar market,” said John Martin Thomas, Managing Director of Talesun Solar Switzerland AG.
EnergyX says this JV with Talesun will provide the Indian company with an ‘edge on complete project development and the control over crucial project timeline’, according to EnergyX CEO Ajay Pratap Singh.
While the announcement of a JV between the 2 companies has just come out now, the plans seem to have taken a concrete shape back a while ago. A February 2018 LinkedIn post by Singh shows that EnergyX signed an agreement with Talesun Solar Switzerland AG for utility scale solar power projects development. It says EnergyX will identify investible solar projects, perform due diligence and asset development on behalf of Talesun.
EnergyX is currently working with the State Bank of India (SBI) on projects financed under a $650 million credit facility extended by the World Bank for industrial consumers in India. In 2016, SBI became the implementing agency for the World Bank’s $625 million facility for rooftop solar PV projects in India (see World Bank Signs Loan Agreement With India).
In November 2018, Talesun was announced signing an agreement with Italian utility A2A to launch a joint venture for 300 MW grid parity utility scale solar power plants in Italy (see Italian JV For 300 MW Utility Scale PV).