German EPC service contractor IBC Solar is moving into PV project development and financing in India.
Until now, IBC Solar has focused on the planning and implementation of utility-scale PV projects in India and a number of other countries, including Germany, Italy, Japan, Spain, Portugal and Malaysia among others.
IBC will now expand its portfolio by developing and financing projects in India, a country will strong growth prospects with its target of 100GW of solar installations by 2022 and analyst firm Bridge to India recently announcing that India is set for huge jump in online capacity in 2016 with the number of projects in development double the total installed capacity as it stands.
IBC is in the process of investigating partnering with various project developers in India working in the 20-50MW project capacity range.
In terms of financing, the firm is also increasing its portfolio of equity investments partners.
A company statement said that by entering the project development process with other developers at an early stage, the firm can bring expertise in financing in terms of both equity and debt. IBC said that being the EPC contractor as well as an equity investor also adds credibility and reliability to projects.
Reinhard Ling, managing director at IBC Solar Projects Private in Mumbai, said: “We’re convinced about the huge potential of the Indian PV market. We know that solar power can help to solve the increasing demand for electricity in India.
“Until now, we have made a name for ourselves as an EPC service provider in India. As a recognised and financially strong project developer, we now cover the entire process and value chain, including project development and finance. Our aim is to stay in India as a partner for mutually beneficial long-term cooperation.”