Karl-Erik Stromsta
Published: Friday, April 9 2010
United Arab Emirates-based solar start-up Mulk Renewable Energy has signed its first commercial contract, worth a reported2bn dirham ($545m), to build a utility-scale solar-thermal power plant near Bangalore, India.
The firm, launched in late 2009 as a spin off of panelling and façade giant Mulk Holdings, will supply the materials and lead construction at the 200-megawatt (MW) parabolic trough project, working alongside its Indian joint venture partner, Aditya Solar.
The project will be built in two phases, with the first 40MW slated for completion in 2012, and the remaining 160MW the following year. Mulk will hold a 25% equity stake in the first phase.
The firm has also unveiled plans to build a manufacturing facility with a production capacity of 500MW in the Indian state of Karnataka, as it looks to take advantage of India’s soon-to-be-implemented solar feed-in tariff, announced as part of its wildly ambitious National Solar Mission.
Mulk chairman Nawab Shaji Ul Mulk praises India for its solar ambitions, pointing out that solar energy is still commercially unfeasible in the UAE due to the lack of an incentive scheme.
“No businessman can go and invest in a solar plant and compete with coal, so the governments here need to offer more,” he says. Mulk Renewable is based in Sharjah, the third-largest emirate, behind Abu Dhabi and Dubai.
Mulk’s business is based on its patented ‘Suntrof’ technology, which utilises aluminium troughs covered with a mirrored finish. By cutting out the heavy mirrors normally used in the world of concentrating solar power, the firm claims its troughs are cheaper, stronger, lighter and easier to install.
The Indian government aims to have 20 gigawatts of solar capacity installed by 2022, though myriad questions remain over the programme’s funding. The Indian government has in principle agreed to fund the $900m needed for the first phase, but indicates it intends for rich nations to pick up most of the $19bn tab for the final two phases.
Source: http://www.rechargenews.com/energy/solar/article211532.ece
Published: Friday, April 9 2010
United Arab Emirates-based solar start-up Mulk Renewable Energy has signed its first commercial contract, worth a reported2bn dirham ($545m), to build a utility-scale solar-thermal power plant near Bangalore, India.
The firm, launched in late 2009 as a spin off of panelling and façade giant Mulk Holdings, will supply the materials and lead construction at the 200-megawatt (MW) parabolic trough project, working alongside its Indian joint venture partner, Aditya Solar.
The project will be built in two phases, with the first 40MW slated for completion in 2012, and the remaining 160MW the following year. Mulk will hold a 25% equity stake in the first phase.
The firm has also unveiled plans to build a manufacturing facility with a production capacity of 500MW in the Indian state of Karnataka, as it looks to take advantage of India’s soon-to-be-implemented solar feed-in tariff, announced as part of its wildly ambitious National Solar Mission.
Mulk chairman Nawab Shaji Ul Mulk praises India for its solar ambitions, pointing out that solar energy is still commercially unfeasible in the UAE due to the lack of an incentive scheme.
“No businessman can go and invest in a solar plant and compete with coal, so the governments here need to offer more,” he says. Mulk Renewable is based in Sharjah, the third-largest emirate, behind Abu Dhabi and Dubai.
Mulk’s business is based on its patented ‘Suntrof’ technology, which utilises aluminium troughs covered with a mirrored finish. By cutting out the heavy mirrors normally used in the world of concentrating solar power, the firm claims its troughs are cheaper, stronger, lighter and easier to install.
The Indian government aims to have 20 gigawatts of solar capacity installed by 2022, though myriad questions remain over the programme’s funding. The Indian government has in principle agreed to fund the $900m needed for the first phase, but indicates it intends for rich nations to pick up most of the $19bn tab for the final two phases.
Source: http://www.rechargenews.com/energy/solar/article211532.ece
Comments
Post a Comment