First Solar to supply its solar modules to PE-backed Kiran Energy, Mahindra unit

NASDAQ-listed First Solar Inc has joined hands with Kiran Energy Solar Power Pvt Ltd and  Mahindra Solar One Pvt Ltd to supply its advanced, thin-film solar modules for two solar photovoltaic (PV) power plants to be constructed in Rajasthan.

First Solar will supply over 585,000 of its advanced, thin-film solar modules of 30 MWDC and 20 MWDC for the two projects, which are part of the utility-scale solar projects concluded under India’s Jawaharlal Nehru National Solar Mission (NSM). The work on the projects are expected to start this year and completed in the first quarter of next year.

The project may produce over 85,000 megawatt-hours of clean electricity per year, equivalent to the annual electricity needs of more than 97,000 average Indian households. First Solar, which had revenues of $2.77 billion in 2011, has cumulatively produced approximately 80 million of its advanced, thin-film solar modules.

“First Solar looks forward to work with two leading companies like Kiran and Mahindra Solar One to support India’s renewable energy goals. They selected our technology as the best solution for the high ambient temperatures and diffuse sunlight conditions here,” said Sujoy Ghosh, First Solar’s India Country head.

“Kiran Energy, as well as our joint venture, Mahindra Solar One, will own the largest solar power plant aggregation in a single location in India. First Solar, which is providing its world-class PV technology, will enable us to create a high-quality solar plant that could rank among the best in the country in terms of quality, uptime and output,” said Pramoda Karkal, COO of Kiran Energy.

Founded by Ardeshir Contractor and Alan Rosling in 2010 and backed by New Silk Route, Bessemer Venture Partners and Argonaut Ventures, Mumbai-based Kiran Energy Solar Power Pvt has signed two power purchases agreements (PPAs), a 20 MW PPA with Gujarat Urja Vikas Nigam Ltd and a five MW PPA under national solar mission project.

Mahindra Solar One is a joint venture between Kiran Energy and Mahindra Group.

(Edited by Prem Udayabhanu)