Friday, April 9, 2010

UAE firm in $545 mn deal with Aditya Solar Power

UAE-based company Mulk Holding has announced an agreement with Bangalore-based Aditya Solar Power Industries to develop a 200 megawatt solar thermal project in the UAE.

The holding company said one of its subsidiaries, Mulk Renewable Energy
, will supply and install solar thermal power plants for Aditya Solar in a deal valued at 2 billion dirhams (USD 545 million).

According to the agreement, Mulk Renewable Energy will create a joint venture with Aditya Solar to develop the project.

"The project will be implemented in two phases. Phase one will see the execution of a 40 MW plant by 2012 and the balance of 160 MW by 2013," the company said in a statement. Mulk Renewable Energy will have a 25 per cent equity stake in the first 40 MW.

"Major components will be manufactured in the UAE and exported to India for the initial phase and a full-fledged manufacturing facility of 500 MW capacity will be established in India for the next phases," it said.

Mulk Holding has invested 5 million dirhams in research and development of solar plants and expects a 500-million-dirham revenue from the first year of operation of the power plant. 

Srikanth Nyshadham

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