Amp Energy India has announced a joint venture (JV) with Websol Energy Systems Limited for manufacturing and production of upto 1.2 GW monocrystalline passivated emitter and rear cell (PERC) solar cells and modules.
The companies have entered into a term sheet for establishment of a JV for production of monocrystalline PERC solar cells and modules in two phases of 600 MW each at Websol’s existing unit at Falta in West Bengal. The company’s entry into manufacturing will help it to provide a better control over the supply chain for critical components. In the JV company, Websol will hold 51 per cent stake and Amp Energy will hold 49 per cent stake. The project is to be financed with a combination of debt and equity and will have an off-take agreement with Amp Energy India for upto 50 per cent of production. The rest of the produce will be sold in market. The term sheet is subject to both parties agreeing on certain commercial terms and definitive agreements.