To focus on rooftops and utility scale ground mounted projects
Pune, 24 June 2014: 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.”
“India is an emerging market with a strong need for alternative power solutions to address the growing demand. Ikaros is specialist in this field equipped with global experience and supply chain as well as engineering strength to provide end to end solutions from analyzing the need, customized designing, procurement, installation, commissioning, operations and maintenance thereafter. Kinetic Engineering’s philosophy of green energy synergizes with our way of approach, their local market knowledge, relations will support and strengthen our business to grow in India”. We aim to build our business in a sustainable manner in India, focusing on 15-20 MWp in initial years and aim to achieve installations of over 100 MW in next 5 years to generate a revenue of over 600 crores including self-development opportunities. , Said Yves Devis, CEO & Founder- Ikaros group and Director-Ikaros Kinetic Solar Pvt Ltd
About Kinetic Group:
Kinetic Group of Companies, a premier automotive and manufacturing group that belongs to the eminent Firodia family of Pune. Kinetic has been a pioneer in the two wheeler industry and has to its credit the launch of India’s first moped, Kinetic Luna, as well as India’s first advanced technology gearless scooter, the famous Kinetic Honda.
Recently the Group has diversified into Automotive Systems as its key focus area. Kinetic Engineering specializes in Powertrain Systems, including engine and transmission assemblies for 2-wheelers, 3-wheelers, commercial vehicles, and recreational vehicles. Kinetic Engineering has technology collaborations with Magna Steyr of Austria and TGB of Taiwan for the design and development of Transmission Systems.
Kinetic Group’s Automotive Systems business also includes Kinetic Taigene, a specialist in Motors, and Kinetic Communications and Kinetic Ducati that specialize in automotive electronics.
Kinetic Group is also a leading player in high end elevators, escalators, and moving technologies through KHEMTL, its joint venture company with Hyundai of South Korea.
Kinetic has recently launched a range of green, battery operated vehicles under the banner of Kinetic Green Energy and Power Solutions Ltd.
About the Ikaros Solar Group:
The Ikaros Solar Group is a leading international company operating in the photovoltaic (PV) market. With fully functional organisations in Belgium, Great Britain, Portugal, India, Mexico and Turkey, the Ikaros Solar Group engages in PV projects worldwide. Providing overall PV solutions for business clients and specialised investors, it offers turnkey PV systems including the assurance of optimal yields once the system has been commissioned. It operates to bankable standards and has been recognised as such by leading institutions. It is also a component wholesaler offering best-in-class products to installers. Over the years, the Ikaros Solar Group has built up strong references of well-known companies in various industries. For more information, please visit: www.ikaros-solar.eu/
