Sunborne Energy Ties Up With Eoxis for Solar Power Projects

Eoxis Sees Long Term Advantage in India

Small Solar Power Projects Are Advantageous

Small Solar Power Projects Are Advantageous
Small Solar Power Projects Are Advantageous | Source
Small Solar Power Projects Are Advantageous
Small Solar Power Projects Are Advantageous | Source
Small Solar Power Projects Are Advantageous
Small Solar Power Projects Are Advantageous | Source
Small Solar Power Projects Are Advantageous
Small Solar Power Projects Are Advantageous | Source
Small Solar Power Projects Are Advantageous
Small Solar Power Projects Are Advantageous | Source
Small Solar Power Projects Are Advantageous
Small Solar Power Projects Are Advantageous | Source

Eoxis Sees Long Term Advantage in India


Small Solar Power Projects Are Advantageous

SunBorne Energy is a leading developer of utility scale solar projects. It has tied up with IPP Eoxis Energy for completing the 15 MW solar photovoltaic project that has been erected in Gujarat State in India. Gujarat is going for many solar power projects, each on a small scale ranging from 5 MW to 15 MW. Small solar photovoltaic power projects have an advantage as they can be used to supply power to local areas within a small radius without much loss of power. On the other hand, large power projects involve transfer of power from one grid to another which involves transmission power losses which are sizeable.

Eoxis Sees Long Term Advantage in India

The 15 MW solar power project in Gujarat has already been completed. Gujarat is number one state in India in providing favourable and stable business environment for the development of renewable power generation under its solar programme. Solar power generators are successful if they are able to attract equity participation from foreign and Indian investors. This is Eoxis’ maiden investment in India. It is committed to India in its future power projects. In the next three years, Eoxis has planned to participate in installing and generating power projects amounting to 300 MW of power generation. Mainly it will be concentrating on renewable power projects like wind and solar projects.

Vast Potential in Power Sector in India

SunBorne Energy is lucky to attract the attention of a big investor like Eoxis. If this partnership is further strengthened in future commitments, it will be good for SunBorne Energy. It will be good for the solar power industry as a whole in India which has plenty of sunlight almost throughout the year unlike in foreign countries. Laurence Mulliez is the CEO of Eoxis. Solar power generation is in its nascent stage in India but at the same time it is fast growing. Indian government and many of the state governments like Gujarat, Rajasthan, Andhra Pradesh and Tamil Nadu among others are willing to extend infrastructural facilities to the power developers who are willing to set up projects in these states. Therefore it is natural that companies like Eoxis are sensing opportunities in the vast potential of power industry in India and are flocking with their investments.

Carbon Credit for Clean Energy Projects

Eoxis owns 49% equity in SunBorne Energy’s 15 MW solar power project in Gujarat. The equity needed for the project was Rs.75 crore. The overall project cost is estimated at around Rs.225 crore. In August last year, SunBorne Energy raised funds amounting to Rs.140 crore from the domestic banks. This single power project can supply electricity to around 10000 houses in is vicinity. Under the United Nations Framework Convention on Climate Change involving clean energy development, the 15 MW power project will generate carbon credits also. Firms undertaking clean energy generation under renewable power projects can sell the reduction in carbon emission to developed countries.

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Sunborne Energy Ties Up With Eoxis for Solar Power Projects

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Sunborne Energy Ties Up With Eoxis for Solar Power Projects

Sunborne Energy Ties Up With Eoxis for Solar Power Projects


Eoxis Enjoys Backing of Private Equity Firm

Eoxis enjoys backing of the Europe’s private equity firm Platina Partners, which is focused on renewable power generation like solar and wind power. Eoxis has a global base and operates renewable power projects in many countries in the world. Apart from wind and solar power projects, Eoxis also operates power plants based on biomass and hydro which are also clean energy projects. It owns and operates solar power projects of 30 MW in Spain.

Banks Are Still Cautious In Lending To Solar Power Projects

Four banks participated in the debt programme of the 15 MW solar project of SunBorne Energy. State Bank of Patiala was the lead bank in the project. Other three banks which participated in the lending were Canara Bank, Export-Import Bank of India and State Bank of Travancore. SBI Capital Market led the debt advisory. James Abraham is the Managing Director and CEO of SunBorne Energy. Indian banks are increasingly becoming confident in lending to solar power projects. Some years back the banks were hesitant to lend as they were not sure of the success of such projects as it involved technology to convert sunlight into electrical energy. Even now banks are cautious in lending to such power projects. The banks first study the technology and execution capacity of the developers of the project before lending money.

Chinese Tie-Up

SunBorne Energy has also tied up with Suntech Power Holdings Co of China. According to this tie-up, Suntech Power will supply solar panels for 100 MW solar power projects to be executed by SunBorne Energy over the next 2 years in India. The estimated cost is $150 million. According to this tie-up, Suntech Power will be supplying 280 WP polycrystalline silicon modules for the solar power projects in India. This tie-up covers the 15 MW project in Gujarat also and another 10 MW project in the same state. Suntech Power has the required technology and they have long term commitment towards India. The tie-up supports the action plan of SunBorne Energy for targeting grid parity by the year 2017. India has set a target of installing solar photovoltaic power amounting to 2 GW off-grid and 20 GW of on-grid by 2022. India’s energy demands are burgeoning and the existing thermal power plants are unable to meet the demand as coal is in short supply in India. According to IEA’s 2010 World Energy Outlook, India’s primary energy demand is expected to increase by 3.1% per annum upto the year 2035.

Indo-China War Will Grind the Operations of Sunborne Energy to a Standstill

SunBorne Energy is developing solar power projects in Rajssthan, Gujarat and Andhra Pradesh. But one disadvantage for SunBorne Energy is that they are dependant on a Chinese company Suntech Power Holdings Co for the supply of solar panels for their solar power projects in India. China is India’s number one enemy country. China had already attacked India in 1962 and captured 32000 square km of Indian Territory. It is also laying claims to other Indian land like Arunachal Pradesh which it calls as Southern Tibet. China is preparing to launch an attack against India at any time. There are border tensions between the two countries already along the McMahon line. Besides, there are tensions between India and China over the former’s oil exploration activities in South China Sea in collaboration with Vietnam. If China invades India and a large scale war erupts, then the operations of SunBorne Energy will come to a standstill.

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