Exclusive: Kinetic to enter solar power business with Belgian partnership

The Kinetic Group is set to enter the business of solar power projects soon. Autocar Professional learns that the entry into this business will be through a tripartite joint venture with Ikaros Solar, a 32.5 million euro Belgian company which is a leading player in the European photovoltaic market, and the Pune-based Intelux Electronics.

The announcement of the new business venture is expected to be made next month. Ikaros and Intelux are already partners in a 75:25 joint venture. According to a source, Kinetic will invest to buy a 25 percent stake in the joint venture. Ikaros’ stake following the investment will stand at 51 percent and Intelux will hold a 24 percent stake. Kinetic’s new move is part of its larger corporate strategy which includes entering the business of environment-friendly mobility solutions like electric vehicles (EVs).

After exiting the two-wheeler business by selling its entire stake in Mahindra Two Wheelers in February this year, Kinetic has been firming up new business plans while strengthening its auto components business at the same time.

Ikaros, which entered India with the joint venture with Intelux in 2012, is looking at large-size solar projects in India. They could be of around 1,000 square metres on rooftops and around 5,000 square metres on the ground.

The access to Ikaros’ solar power technology could also benefit Kinetic in developing solar-powered automobiles. It is to be noted that Kinetic had launched Soleckshaw, a solar-power assisted, pedal-operated cycle rickshaw originally conceptualised by the Council of Scientific & Industrial Research (CSIR), in January 2011. But for now, the focus will be on industrial installations of solar power projects.

A number of industries are harnessing solar energy to reduce their energy costs. In the automotive industry, for instance, Mahindra & Mahindra’s Chakan plant has over 70 solar dishes which supply power to the 320,000 units capacity plant. And, Daimler India Commercial Vehicles Rs 4 crore solar power pilot project uses the roof structure of the Parts Logistics Warehouse, where over 1,000 polycrystalline solar PV modules, each with a capacity of 280W, have been installed for a total capacity of 300 kW. Mahindra Reva Electric Vehicles, of course, has its own solar power eco-system that helps deliver India’s first electric vehicle, the e2O.