Gamesa enters solar PV market with 10-MW project in India

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Jul 09,2015

Spanish wind turbine maker Gamesa (BME:GAM) said today it is setting foot into the solar photovoltaic (PV) sector through a new contract for the installation of 10 MW of solar parks in India. More specifically, Gamesa will build four PV farms in the southeastern state of Tamil Nadu for three textile makers, namely Best Corporation, Shiny Knitwear and Santhosh Garments. The installations will use seven Gamesa E-1.37 MW inverters and two Gamesa E-1.1 MW inverters, to be manufactured at the company's factory in Coslada, Madrid. The plants will be commissioned in September 2015. As part of its recently-unveiled 2015-2017 Business Plan, Gamesa intends to look for business opportunities in the solar power and off-grid markets that complement its traditional activities. The objective is to start adding value from these synergistic markets from 2018, it said. "The solar segment in India offers a potential of 750 GW, and the local government target is to reach 100 GW in 2022 from 3.8 GW today," commented Ramesh Kymal, Gamesas CEO in India.

(Equities)

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