(SeeNews) - Feb 24, 2014 - Aussie firm Energy Puzzle Group agreed on Friday to pour USD 190 million (EUR 138m) into a photovoltaic (PV) cell and module factory in Sri Lanka with a capacity of 150 MW, the Sri Lanka Board of Investment (BOI) announced.
The plant, to be built at the Export Processing zone close to Hambantota city, is planned to be producing at full capacity in the first quarter of 2015, according to a report by Sri Lankan newspaper The Daily FT. Most of the locally-made solar products will be exported, with India, Japan and the Gulf countries considered as target markets.
Energy Puzzle chairman Patrick Featherson told Daily FT that the factory’s capacity might be raised significantly in the next few years, depending on demand. The company may also start making other green energy technologies. The first expansion of the manufacturing plant is expected in the middle of 2016, according to Featherson.
The Sri Lankan paper further quoted the chairman as saying that Energy Puzzle expected to recoup its investment and post profits in the third year of operations at the plant in Sri Lanka.