Vikram Group enters into JV with Spain’s Proener for solar energy projects

The joint venture — Vikram-Proener Project — would mainly focus on engineering, procurement and construction (EPC) projects under the JNNSM (Jawaharlal Nehru National Solar Mission) scheme as well as state level projects.

"This company targets to generate revenues of Rs 1,000 crore in the coming three years and Rs 250 crore in its first year of operation," Vikram Group said in a statement.

The joint venture would be between group firm Vikram Solar — a maker of crystalline PV modules — and Proener Renovables. Vikram Solar would hold a 51 per cent stake in the entity, while the remaining 49 per cent would be with the Spanish firm.

Firstly, Vikram Proener Project would start with a 2-MW project in Chhattisgarh, involving an investment of about Rs 25 crore. It would be operational by July, 2011.

Proener Renovables is into engineering processes , design, construction and maintenance of large photovoltaic solar power plants .

Kolkata-based Vikram Group has business interests in tea and tea processing machinery manufacturing, steel, solar power and textiles, among other areas.