Rolta inks deal with China’s Zhenfa New Energy, to set up 2 GW of solar power capacity

solarRolta Power Pvt. Ltd. and China-based Zhenfa New Energy Science and Technology Co. Ltd. has signed an agreement to build solar parks in India, targeting a capacity of 2 GigaWatt by 2020.

“As per the MoU, the partnership enables us to share our revenue with Zhenfa, a win-win scenario for both the companies,” said, Dr. Aditya K Singh, Managing Director, Rolta Power Pvt. Ltd. He further commented, “With our 2020 vision, we believe that through this partnership we can together install at least 2GW by the year 2020 and generate revenues of approximately USD 2.03 Bn. or about Rs. 13,100 crores”.

China is the world’s leader in manufacturing solar cells and panels. Chinese companies have been exporting to western countries like the US and Europe. However, due to regulatory changes and market dynamics, demand in places like the US has slackened, forcing them to look at countries like India.

India has had a ‘Solar Mission’ for the last five years under which the government plans to increase India’s installed solar power base to 100 GW by 2022.

“We have been exploring the Indian market for some time,” said Zhenfa’s chairman, Zhenfa Zha. “We will bring our extensive EPC skills and advanced technologies to construct utility scale solar stations, supplying electricity to millions of consumers in India and play an essential and responsible role to help alleviate the severe shortage of power supply and improve the ecology.”

Zhenfa New Energy Science and Technology Co Ltd is a part of the Jiangsu Zhenfa Holding Group Co., Ltd, which was set up in 2004 with headquarter in Wuxi, China.

Its focus on mega solar projects in the middle kingdom has propelled it to the No. 1 EPC and No. 4 project developer spots in China solar industry in the year 2014. Cumulatively, there are 3000 MW of completed and building-in-progress PV power plant – 1.3GW is self-invested and developed – accounting for 10% of the PV market in China.

Rolta Power Pvt. Ltd. is part of the more-than-three-decades-old Rolta Group business interests in Real estate, investments and IT. Rolta Power is headquartered in Mumbai and is a new entrant in the Rolta Group fully owned by Rolta Pvt. Ltd.