KSK Energy Ventures and MiaSole Announce Commissioning of 11.6MW Solar Project in Rajasthan, India
U.S. Export-Import Bank provides project financing to support MiaSole California exports
SANTA CLARA, Calif., March 25, 2013 /PRNewswire/ — KSK Energy Ventures, a leading India power development and generation company, and MiaSole, the leading manufacturer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels and system solutions, today announced that the commissioning of an 11.6MW solar photovoltaic project occurred on February 26, 2013. The project is under India’s Jawaharlal Nehru National Solar Mission and is one of the largest solar power plants in Rajasthan, India.
U.S. Export-Import Bank will provide $9 million of debt financing for the project, marking the second MiaSole project in India that the U.S. Export-Import Bank has supported. “This project financing facilitates exports from MiaSole’s California manufacturing center, will boost California’s economy and help to create hundreds of local jobs,” said U.S. Export-Import Bank Chairman Hochberg.
The KSK project highlights MiaSole’s ability to scale solar technology at a price that is attractive for both solar developers and utilities and underscores the company’s position as the leading supplier of high-efficiency CIGS modules and solar solutions in India. Over the past year, MiaSole has completed projects in Rajasthan, Gujarat, Maharashtra and Tamil Nadu, making MiaSole one of India’s leading providers of solar energy.
“We are pleased to partner with MiaSole to deliver clean energy to our customers and drive continued growth for us in this market,” said Anil Kumar Kutty, Director of KSK. “MiaSole CIGS solar panels have proven to deliver the best solution for our project and are a compelling solution for the India market.”
“India represents a tremendous opportunity for renewable energy, and we are pleased to partner with a leading company like KSK in its efforts to deliver clean energy resources in Rajasthan,” said John Carrington, CEO of MiaSole. “In 2013, we will expand our global footprint and our business model to invest in projects, acquire project pipeline and partner with leading developers and EPC companies in sustainable markets like India. Ex-Im Bank’s support of MiaSole’s technology lowers the cost of project financing, and will expand the deployment of our California-made solar modules in projects globally.”
MiaSole’s headquarters and manufacturing are located in California, where the company employs approximately 200 people. In 2013, the company plans to hire over 200 additional employees in California to expand its manufacturing, research and development and commercial activities.
MiaSole panels have been used in a variety of projects globally, from large scale projects utility scale fields to commercial and residential rooftops. MiaSole is also developing a flexible solar solution, and last year announced a new flexible solar photovoltaic efficiency world record of 15.5 percent.
About KSK Energy Ventures
The KSK group, promoted by Mr. S. Kishore and Mr. K. A. Sastry, has been involved in developing power projects since 1998. The holding company of the group, KSK Power Ventur Plc (KSKPlc) is a limited liability company incorporated in the Isle of Man and is listed on the London Stock Exchange (LSE). KSK Energy Ventures Limited (KEKEVL) is the flagship company of the group (a listed company in India) has nearly 1000 MW of generating assets based on a variety of fuels – coal, lignite and gas. It is also developing a 3600 MW coal based plant in Chhattisgarh, the first unit of which is expected to get commissioned in the next few weeks.
The company is also into renewables – currently having about 20 MW of wind in operation. This 11.6 MW solar plant is the first large solar project to be taken up by the company and is located adjacent to its 135 MW lignite-based power plant and lignite mines at Gurha (v), Bikaner district in Rajasthan. The company has plans to put up about 100 MW of solar within the next year.
MiaSole is a pioneer and leading developer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels, one of the lowest-cost, highest efficiency solar panels in the world. MiaSole’s primary mission is to advance the extraordinary potential for harnessing solar power as a competitive, sustainable energy source. MiaSole operates its manufacturing facilities in California.
Christina Stenson and Alissa Stewart, Brunswick Group