Pennar Industries and Zetwerk Manufacturing have announced a solar module manufacturing JV in India
The 2 partners will have a 50.1% and 45% shareholding, respectively, with the remaining 4.9% stake to be held by others
The JV company will manufacture and sell the solar modules produced to both local and international customers
Hyderabad, India-based engineering group Pennar Industries has joined hands with Bengaluru-based ‘universal factory’ Zetwerk Manufacturing Business Private Limited for the manufacture and sale of solar modules through a joint venture (JV) company.
While Zetwerk will own a 50.1% share in the JV company, Pennar will own a 45% stake, with the remaining 4.9% to be held by other investors. They plan to invest INR 187.5 million ($2.18 million) as equity share capital for the JV, while the paid-up capital will be INR 416.7 million ($16.5 million).
Solar modules produced at the planned factory at an undisclosed location will cater to both domestic as well as international markets. The duo does not, however, specify the annual production capacity of the proposed site.
At present, Pennar Industries operates a 2 sq. ft. solar module manufacturing facility in Telangana state of India with 250 MW annual capacity. It is also an Approved List of Models and Manufacturers (ALMM) List-I supplier.
Zetwerk, on the other hand, comes to the partnership with its experience in supplying mechanical and structural components to solar projects globally. It manufactures solar piles, torque tubes, and torque beam assemblies, among other solar industry related equipment. It owns US-based Unimacts, which manufactures these and other components, including solar modules at its Las Vegas factory and partner factories in China and India.