Marking a significant development in the renewable energy sector in India, Vikram Group of Industries - a diversified company operating in the tea and tea processing machinery manufacturing, steel, solar power, textiles and yarns and finance space, has created a strategic alliance through its dedicated group company Vikram Solar (manufacturers of Crystalline PV Modules) with Spain based Proener Renovables - a, leading company in engineering processes, design, construction and maintenance of large photovoltaic solar power plants which has executed more than 300 MW installations. The newly formed JV Company Vikram- Proener Project will have a 51% stake of Vikram Solar, whereas Proener Renovables will hold the rest 49% retaining their respective existing products and individual partnerships.

As its maiden project, Vikram Proener Project's will construct and install solar power facilities, starting with its maiden venture of a 2 MW project at Raipur, Chattisgarh, with an approximate invested cost involvement of Rs 25 crore and will be operational by July 2011. This will also be a initiative to address the generation of green energy and each project we undertake will impact our environment, directly and also generate considerable employment opportunities for each of the states we work in and also in West Bengal.

This company targets to generate revenues of Rs.1000 crore in the coming three years and Rs 250 cr in its first year of operation. The company would primarily address the Engineering, Procurement and Construction (EPC) projects under the JNNSM scheme, apart from state level projects with distinct focus on rooftop and solarisation of telecom towers, as well. The Company also aims to cater to the private sector projects. This development within the solar power industry in India becomes significant when Jawaharlal Nehru National Solar Mission (JNNSM) estimates that 5,000 trillion kWh per year energy is incident over India's land area.

Speaking on the occasion Mr H K Chaudhary, Chairman, Vikram Solar P Ltd said "As part of our backward integration strategy we are considering building up of 120 MW of Photovoltaic Cell manufacturing capability towards enhancing the supply of higher efficiency and superior quality cell's to build our PV solar panels for setting fresh benchmarks in global competitiveness and better performing modules, while going beyond, dynamically, from the current Solar PV module manufacturing capacity of 100 MW."

Mr Fernando Arroyo Villuendas, Director, Vikram-Proener Projects said "The joint venture with Vikram Solar will definitely bring forth both innovations and efficiency in renewable EPC contracting. We are very excited to enter into a growing strategic relationship with Vikram Solar. This agreement will clearly strengthen our competitive position and add to our future successes in the Renewable Energy sector."