Kinetic Group and Ikaros of Belgium ink JV for solar energy, target Rs 600 crore by FY’20

The Kinetic Group and Belgium-based Ikaros Solar Group, a leading global player in the photovoltaic (PV) market, have set up a joint venture company named Ikaros Kinetic Solar Pvt Ltd.

The JV will provide customised solutions to cater to low-capacity solar PV installations of 20KWp to 1 MW focusing on residential and commercial roof-top installations.  It will also cater to EPC requirements of utility scale PV projects from 1 MW and above for developers under the National Solar Mission, state policies, large manufacturing plants in the automotive, steel, pharma and textile sectors. It is also keen to develop solar farms. The shareholding pattern of the JV is Ikaros 51 percent, Kinetic Group 25 percent and Pune-based power electronics company Intelux India, 24 percent. Autocar Professional had broken this news story on May 20.

According to Sulajja Firodia Motwani, vice-chairperson of Kinetic Engineering and director of Ikaros Kinetic Solar, “Our objective is to create sustainable alternative solutions to the ever-growing shortage of natural resources. There is huge power deficit across India and we see it as an opportunity to fill this gap. The Kinetic Group has a keen interest in diversifying in the businesses related to green energy and our JV with Ikaros is a step in that direction.” 

Yves Devis, CEO and founder, Ikaros Group and director, Ikaros Kinetic Solar, commented: “India is an emerging market with a strong need for alternative power solutions to address the growing demand. Ikaros is a specialist in this field equipped with global experience and supply chain as well as engineering strength to provide end-to-end solutions from analysing the need, customised designing, procurement, installation, commissioning, operations and maintenance.”

The JV aims to build its business in a sustainable manner in India, focusing on 15-20 MW in the initial years and reach installations of over 100 MW in the next five years to generate a revenue of over Rs 600 crore including self-development opportunities.

Photograph: The Ikaros Group’s Yves Devis and Sulajja Firodia Motwani of the Kinetic Group.