PLG Power to set up solar energy facility

Pune: PLG Power, the flagship energy and power division of the PLG Group, is investing Rs 500 crore to set-up a project at Sinnar near Nashik to manufacture Solar Photovoltaic Modules.

This is the company’s first solar energy facility, and the 100 per cent EOU is being set up under the technical and turnkey collaboration with Spire Corporation, Boston, US. It is to be inaugurated on December 4.

The solar power project involves installed capacity of 25 MW in the first phase. This will be gradually ramped up to 150 MW by June 2010.

Mr Pramod K. Goel, Chairman and Managing Director, PLG Power Limited, said, “Our annual export sales turnover from our first phase of 25 MW will be Rs 450 crore.”

After the second phase of expansion (50MW by June 2009), the company expects to touch an export turnover of Rs 1,000 crore and achieve annual revenue of Rs 3,000 crore by the end of 2010, according to Mr Punit Goyal, Director, Finance.

He added that the company has signed MoUs and 5-year-long term agreements with its suppliers and buyers worldwide, and secured export orders to back up its expansion plans.

The Rs 2,000-crore PLG Group is involved in manufacturing and agro-based industries in Mumbai and Kolkata.

The inauguration of the Sinnar EOU will be followed by the laying of a foundation stone for yet another 100 per cent EOU at SEZ, Indore by PLG Photovoltaic Ltd., another group company, on December 8.

The company is investing Rs 400 crore to manufacture high efficiency solar cells and modules at this location and will use technology from German company Schmidt GmbH.