August 10 (SeeNews) - Australian concentrated solar technology firm Heliostat has agreed with India’s Global Wind Power Ltd (GWPL) to jointly develop utility-scale projects, the first step in a 1-GW solar plan for India.
A memorandum of understanding (MoU) between the two companies was announced on Monday by the South Australian government.
Heliostat’s CEO Jason May said the firm is on track to develop 50-MW and 100-MW projects initially. It aims to deliver the 1-GW solar projects portfolio in solar-rich regions of India over the coming four years for an estimated investment of AUD 2.5 billion (USD 1.85bn/EUR 1.7bn).
The South Australia-based company is focused on concentrated solar power (CSP) and concentrated solar photovoltaic (CSPV) projects, using technology developed in partnership with CSIRO. As part of an Australian trade delegation in India this week, Heliostat signed a second MoU, this time with Gravita India Ltd, for industrial CSP thermal applications for metal recycling.
“The India opportunity represents around half of our annual forecast turnover with projects in other countries and local Australian projects contributing to the remainder,” Jason May commented.
Martin Hamilton-Smith, Minister for Investment and Trade, said Heliostat’s two deals represent “a significant opportunity” for global financial funds to invest in India’s emerging economy and, at the same time, support South Australia industries.
(AUD 1 = USD 0.740/EUR 0.674)