December 02, 2008

Goldstone forms JV for solar panels manufacturing unit

Hyderabad based Goldstone Infratech has formed a JV with TF SolarPower and Korea based equipment supplier Jusung Engineering for setting up thin film photovoltaic panels manufacturing unit at the Fab City in Hyderabad.

In the proposed JV, Goldstone will hold a 54% stake and TF SolarPower and Jusung will jointly hold the remaining. The JV will deploy Jusung's patented 3D cell design and manufacturing technology for making thin film photovoltaic panels.

The photovoltaic plant will have a capacity to produce 350 MW, with an investment of INR 2,800 crore and is likely to be scaled up to 1,000 MW involving an investment of INR 16,000 crore after a certain period of time. It is learnt that the initial fabrication capacity will be 52 MW, with an investment of INR 600 crore, with the debt equity ratio of 1.5:1.

Construction work on the project had already begun and the first batch of photovoltaic panel products will be delivered in the first quarter of 2009.