JV signed by Kinetic Group and Ikaros in Solar Energy

Kinetic Group, announced a joint venture between Kinetic and Belgium based Ikaros Solar Group, a leading international company operating in the photovoltaic (PV) market. The joint venture is registered under the Indian company’s act and will be known as Ikaros Kinetic Solar Private Ltd.

The joint venture is a focused step by Kinetic and Ikaros in their journey towards providing sustainable energy solutions. The venture will combine the technological proficiency, domain knowledge of Ikaros and engineering expertise & local know how of Kinetic in the Indian manufacturing and business space. The joint venture will provide customized solutions for business clients offering turnkey PV systems including the assurance of optimal yields once the system has been commissioned.

The JV will provide customized solutions to cater to low capacity solar PV installations of 20KWp to 1 MW focusing residential and commercial roof top instillations used in educational institutes, industrial sheds, shopping malls, hotels and resorts, godowns and hospitals.  It will also cater to EPC requirements of utility scale PV projects from 1 MW and above for developers under National Solar Mission, state policies, large manufacturing facilities like Steel, Pharma, Automobiles, Textiles etc. and is also keen to develop solar farms under favorable tariffs. The Shareholding pattern of the joint Venture is IKAROS, Beljium – 51%, Kinetic Group – 25% and Intelux India (A pune based company specialized in power electronics) holds 24%.

Speaking on this occasion, Sulajja Firodia Motwani, Vice Chairperson of Kinetic Engineering Ltd and Director of Ikaros Kinetic Solar said, “Our objective is to create sustainable alternative solutions to the ever growing shortage of natural resources. There is huge power deficit issue across India and we see it as an opportunity to fill this gap. Kinetic Group has keen interest in diversifying in the businesses related to Green Energy and our JV with Ikaros is a step in that direction.  We would like to leverage the Ikaros global expertise, technical prowess and our relationships in the market to reduce the country’s carbon footprint. We are confident of a long lasting profitable ecological business.”