India-based module manufacturer Rolta Power and China-based Zhenfa New Energy Science and Technology Co. have signed a memorandum of understanding (MoU) to develop 2GW of solar projects in India.
Aditya K Singh, managing director, Rolta Power, said the companies expect to generate US$2 billion of revenue by 2020.
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The projects are also expected to create 2,000 jobs over this period.
The firms will look at both joint EPC and project development opportunities in the wake of the Indian government’s “unwavering policy” regarding solar and its 100GW by 2022 deployment target, said a Rolta Power statement.
Aditya K Singh, managing director, Rolta Power, said: “As per the MoU, the partnership enables us to share our revenue with Zhenfa, a win-win scenario for both the companies. With our 2020 vision, we believe that through this partnership we can together install at least 2GW by the year 2020.”
Zhenfa’s chairman Zhenfa Zha said: “We have been exploring the Indian market for some time and are happy to have found the right and able partner like Rolta Power for our India interests. We will bring our extensive EPC skills and advanced technologies to construct utility-scale solar stations, supplying electricity to millions of consumers in India and play an essential and responsible role to help alleviate the severe shortage of power supply and improve the ecology”.