SunBorne Energy, a Kholsa Ventures-backed firm, and Suntech Power Holdings Co. Ltd., the world’s biggest producer of solar panels, have entered into an agreement for the provide of 100 MW solar panels for solar PV projects in India over the next two years. The agreement incorporates an initial order of 10 MW for a project in Gujarat, India.

“We chose Suntech due to the fact of their clear technological innovation leadership and long-term commitment to India,” stated SunBorne Energy Managing Director and CEO James Abraham. “We are proud to assistance the Gujarat government in their endeavor to bring clean power to India and attain energy security.”

According to the agreement, Suntech will provide 280 Watts polycrystalline modules for Indian solar PV projects and SunBorne will offer turnkey services like style, installation and commissioning with the power plants. The deal is really worth about $150 million, based on Gagan Vermani, Chief operating officer.

SunBorne is building Utility Scale Solution Plants in Gujarat, Rajasthan and Andhra Pradesh with other States in the pipeline. It aims to deploy 20 percent of the Solar Mission target in the next decade.India’s leading investment bank and project advisor, SBI Capital Markets Ltd. is expected to arrange a deal for supplying loan worth of $ 34 million from 3 banks for the improvement of initial power plant of SunBorne in India.

The move assumes significance within the wake of National Solar Mission, which calls for 20GW of solar installed by 2022, two,000 MW of off-grid solar applications including 20 million solar lights by 2022. As the mission gathered momentum, collaborations and joint ventures among Indian and foreign players have taken shape to achieve ambitious targets for the promotion of solar energy in India.

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