Thermax inks pact with Amonix for photovoltaic technology

26 Jul 2011 Evaluate

Thermax has entered into an agreement with US based Amonix, Inc. for bringing the new concentrated photovoltaic (CPV) technology for solar power generation to India. Under this exclusive partnership, Amonix will offer high-performance solar power generation systems and the company will be the Engineering, Procurement and Construction (EPC) partner to provide turnkey solutions to customers in India.

Amonix proposes to manufacture the CPV modules at the Flextronics Technologies plant in Chennai initially, and plans on building a separate facility in India when business starts picking up. The solar systems will be indigenised to the extent of 50:50 in the beginning, with a plan to localize up to 60% subsequently.

The exclusive arrangement with Amonix will enable Thermax to bid for projects in India. Further the company will (help developers) bid for the next round of PPAs under the National Solar Mission (NSM) due to open in September.

Thermax’s net profit for the quarter has rose by 20.72% at Rs 79.88 crore as compared to Rs 66.17 crore for the same quarter last year. Its total Income has increased by 31.77% to Rs 1059.16 crore for the quarter under review from Rs 803.77 crore for the corresponding quarter of the previous year.

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