Chinese-Indian deal targets 2 GW of projects

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Indian solar module maker and developer Rolta Power has joined forces with Chinese counterpart Zhenfa New Energy Science and Technology in a bid to secure two per cent of the nation’s five-year, 100 GW market.

A report on the website of Indian daily newspaper the Business Standard last Tuesday, revealed a memorandum of understanding (MoU) reportedly signed between the two companies, to develop projects in India with Aditya Singh, MD of Mumbai-based Rolta, quoted as saying he would be targeting 2 GW of projects by 2020, under the terms of the agreement.

According to the report, Singh predicts such figures would generate revenue of around $2.03 billion.

Wuxi-based Zhenfa claims, on its website, to have installed almost 3 GW of Chinese solar capacity between 2004 and 2014, a figure cited as a tenth of the Chinese market at that point.

Narendra Modi’s government is pursuing an ambitious 100 GW-by-2020 target for Indian solar but the news Canadian developer SkyPower has set a record low price for solar power in India will further reduce the margins available for developers and allow the union government to cut back or eliminate solar subsidies, in line with Modi’s economic ambition.