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Princely Mission Mumbaï: Enfinity and Videcon Industries Sign Joint Venture in Renewable Energy

Best of two worlds
Via the 50/50 joint-venture between Belgium-based Enfinity and Indian-based Videcon Industries, both companies will develop large scale projects in solar energy. The agreement combines Enfinity’s expertise in developing and financing renewable energy projects with Videocon’s strong presence in India and good relationships with local and central governments. Enfinity already has important activities in India. End of 2009, the company announced an agreement with Titan Energy Systems, a manufacturer of PV modules, to develop, finance and construct 1 GWp of PV installations on 3000 acres of land in Andhra Pradesh in the coming 5 years.

Mumbaï head office
To support its further expansion, Enfinity will set up multiple offices in India. These will all be co-ordinated from a new head office Enfinity is setting up in the Bandra Kurla Complex (BKC) in Mumbaï. This location was selected because of its position as commercial centre of India, also accommodating many local and international banks. The new office will employ 30 people. By the end of 2010, Enfinity expects to employ some 300 people in several Indian offices.

Gino Van Neer, CEO Enfinity Asia Pacific: “India is a very important region in our international expansion. It has an ideal climate to harvest solar energy and has enormous energy needs, being one of the most important emerging markets. End of 2009, India started to implement its “National Solar Mission”: the ambition to generate 20.000 MWp by 2020. We support India’s plans to react to climate change and to lower its overdependence on fossil fuels. We can offer them our extensive expertise to effectively deploy renewable energy sources.”

About the “National Solar Mission” in India
Further to India’s National Action Plan of Climate Change dated June 30, 2008 a National Solar Plan is expected to come into force in November 2009. By the plan India is preparing
to elbow its way toward the head of the solar class. The government has set a solar goal of 20GW by 2020, 100GW by 2030 and 200GW by 2050.
The country’s rapidly rising primary energy and electricity needs, the persistent energy deficit situation, the country’s overdependence on coal for electricity generation and the exceptional
irradiation with most parts of the country enjoying 300 sunny days a year, make PV particularly attractive to the country’s energy strategy.