Shirdi Sai Electricals Ltd (SSEL), a transformer manufacturer that has been selected under the Centre’s production linked programme for establishing manufacturing capacity for high-efficiency solar PV modules, has signed an MoU with German engineering and consulting services business Viridis.iQ GmbH.
Viridis.iQ GmbH, will support Hyderabad based company, SSEL in establishing a 4 GW production facility for Polysilicon, Ingot-Wafer, Cell, and Module, according to a press statement issued on Wednesday.
SSEL CEO, Mr. Sharat Chandra, commented on this development, stating that this partnership with Viridis. iQ GmbH would assist SSEL in establishing one of India’s largest PV value chain production plants.
According to him, this will enable SSEL to create world-class solar cells and modules while also contributing to domestic and overseas markets and thus, achieving the Aatmanirbhar Bharat Abhiyan’s goal.
The project is estimated to be Rs. 28,000 crores and will be implemented in 4 phases in 5 years and may come either in Telangana, Karnataka, Andhra Pradesh, or Chhattisgarh.
In the early stages, both SSEL and Viridis.iQ GmbH will complete the conceptual design and develop the business strategy to begin the project, following which Viridis.iQ GmbH will provide the required technical/engineering assistance. Thereafter, the commencement of construction and Operations will take place.
Viridis.iQ GmbH will support the project for up to one year after it goes on stream to stabilize the operations.
Mr. Wolfgang Herbst, Executive Director of Virids.iQ GmbH, expressing his excitement about collaborating with SSEL says that this collaborative effort with SSEL allows them to enter the ever-growing Indian market. Thus, strengthening the business relations between both countries.
Establishing a presence with SSEL, which shares the same vision as the nation in expanding renewable energy sources and focusing on the environment and parading towards sustainable practices, is a positive step towards greater success, Herbst added.
SSEL was one of the winning bidders in IREDA’s bid invitation for producing ‘High Efficiency Solar PV Modules’ as part of the Aatmanirbhar Bharat Abhiyan, received a Letter of Award last month.