California-based solar thermal company eSolar today announced an exclusive licensing agreement with the ACME Group to build up to 1,000 megawatts (MW) of solar thermal power plants over the next 10 years in India.
ACME acquired the exclusive right to represent eSolar’s modular, scalable technology in India, developing its own utility-scale solar thermal projects and working with other companies that want to build solar thermal power plants in India using eSolar technology. In exchange for the license, ACME will make a $30 million equity investment in eSolar.
This partnership represents eSolar’s first international licensing agreement.
ACME has already signed power purchase MOUs (Memoranda of Understanding) for 250 MW. Construction will start later this year on the first 100 MW of eSolar power plants, and ACME is targeting 1,000 MW of solar power within India over the next 10 years.
This deal builds on eSolar’s recently announced partnership with and $10 million equity investment from NRG Energy, Inc. to construct 500 MW in the United States.
“The eSolar system addresses obstacles that have previously plagued solar installations and presents a viable, cost-effective alternative that can scale quickly to meet India’s growing energy needs,” said Manoj Upadhyay, Chairman and CEO of the ACME Group.
eSolar is an Idealab company founded by CEO Bill Gross and CTO Asif Ansari in 2007 to develop, construct and deploy modular, scalable solar thermal power plants. eSolar’s approach marries a pre-fabricated form factor with advanced optics and computer software engineering to meet the demands of utilities of any size for clean, renewable and cost-competitive solar energy.
The ACME Group is a leader in the field of innovative energy efficient solutions for global wireless telecommunications, cold chain systems, waste water treatment and environmental impact solutions. Over the years, ACME’s innovative technology solutions have been geared towards reducing the use of diesel fuel through optimizing energy efficiency and consequently, lowering the environmental impact of fossil fuel usage. The Company has been actively pursuing clean distributed power and alternative energy solutions, such as fuel cells, microturbines, solar energy, biogas and wind energy.
Loading...