SSEL, Germany's Viridis.IQ ink deal for setting up 4,000 MW solar project

Shirdi Sai Electricals Limited (SSEL) has signed an agreement with German engineering services firm Viridis.IQ GmbH for setting up a 4,000-megawatt solar project.

On November 11, state-owned IREDA had issued a letter of intent to SSEL for setting up 4,000 MW manufacturing capacities for high-efficiency solar PV modules under the production linked incentive scheme (PLI) floated by the Ministry of New and Renewable Energy (MNRE).

In a statement on Friday, SSEL said it "has signed a Memorandum of Understanding (MoU) with Viridis.IQ GmbH for assistance in setting up of the 4 gigawatts (GW) or 4,000 MW manufacturing unit for Polysilicon + Ingot-Wafer + Cell + Module".

The pact was signed in the presence of P Harish, the Indian Ambassador for India in Germany.

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SSEL CEO Sharat Chandra, who is presently in Germany, said the association with Viridis.IQ GmbH would strengthen SSEL in setting up one of India's largest production facilities in the PV value chain.

Executive Director of the Virids.IQ GmbH Wolfgang Herbst said collaboration with SSEL helps his company to enter into the ever-growing Indian market and strengthen the business relations between both countries.

In the early stage, both SSEL and Viridis.IQ GmbH will finalise the conceptual design, devise the business plan to kickstart the project after which the German firm will extend the necessary technical/engineering support followed by construction and operations to start.

Post the start of operations, the project will be supported by Viridis.IQ GmbH for up to one year to stabilise the operations.

Hyderabad-based SSEL is one of the largest players in the transmission and distribution (T&D) sector. It is also a leading manufacturer of different types of transformers.