Suryachakra Power enters JV With ABS for renewable energy projects

Suryachakra Power Corporation Limited is forming an equal equity joint venture with American Bio Sources Inc (ABS)and Environmental Energy Finance Corporation Inc. USA (EEFC) for developing up to 500 MW renewable energy power projects in India, through the Special Purpose Vehicles.

This is the second such partnership struck by Hyderabad-based Suryachakra Power Corp this year. In June it forayed into the wind energy sector by signing a Memorandum of Understanding (MoU) with C Sivasankaran-owned Sterling Group's WinWind Power Energy Private Ltd. This agreement involves setting up a 250 MW wind energy project in Tamil Nadu.

The agreement involves SGVL and ABS/EEFC to set up 50:50 joint venture for developing up to 500 MW renewable energy power projects (biomass/solar/wind etc) in India, through SPVs.