September 12 (Renewables Now) – Indian solar products maker Websol Energy System Ltd (BOM:517498) and compatriot Amp Energy have set up a joint venture (JV) to install 1.2 GW of production capacity for monocrystalline PERC solar cells and modules.
The proposed company will be 49%-owned by renewable energy solutions provider Amp, while the 51% controlling stake will be held by Websol, the latter said in a bourse filing on Thursday. It noted that the shareholding of Amp will not exceed 50% on a fully diluted basis.
The joint project is planned to be financed through a combination of debt and equity. The two partners will issue 20,000 equity shares each.
According to local media reports, the proposed capacity is planned to be installed in two 600-MW phases, at Websol’s site in Falta, West Bengal. Under the arrangement, Amp will offtake half of the produced components, while the remaining 50% of the output will be sold in the market.
The JV agreement follows Websol’s announcement in July when it unveiled its plan for the construction of an up to 1.8-GW factory for PV cells and modules.
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