Solar in India target for AEG Power Solutions, Electrotherm partnership

The partnership signed between AEG Power Solutions and the Indian industrial group Electrotherm has the objective of developing a minimum 100MW activity within the next 36 months.

(October 5, 2010) — AEG Power Solutions (Amsterdam:3WP) and Electrotherm have signed an agreement to develop their solar business in India together. The minimum goal is to reach 100MW over a period of 36 months. First installations are targeted for Q’4 2010 (15MW) and for the beginning of 2011 (30 MW) in the states of Gujrat and Rajastan.

The Indian market for solar is going to be one of the fastest growing and one of the biggest worldwide in the coming years and is expected to have an installed capacity of about 1500MW in next two to three years,” comments Enrique de la Cruz, VP of the Solar Division of AEG Power Solutions.

AEG Power Solutions, wholly owned by 3W Power Holdings S.A. (Euronext Amsterdam 3WP, ISIN GG00B39QCR01, WKN A0Q5SX), is a global provider of power electronics. Electrotherm is a major industrial Indian company, founded in 1983. Through its Renewables division it is involved in solar power plants and turnkey installation of photovoltaic (PV) solar systems.

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Electrotherm provides access to the Indian market by its nationwide presence and its recognized industrial experience. The company will act as Engineering, Procurement and Construction (EPC) lead in the projects, which will be developed by both groups. In addition, Electrotherm will provide MV transformers and other basic components such as structures and complete wiring, which are parts of the company’s portfolio.

AEG PS will provide its technical expertise in the solar PV market; engineering services; and key components such solar inverters, metering, monitoring and controlling equipment and intelligent combiner boxes, part of the total solar power solutions of the group.

Both companies expect to develop together a minimum of 100MW of business activity in India over a period of 36 months. They are targeting first installations in 2010 (15 MW) and 2011 (30 MW) in the states of Gujarat and Rajasthan, as first step of this collaboration.

“We strongly value AEG Power Solutions technical expertise in solar and strongly believe that with this strategic partnership with AEG PS we can successfully execute many turnkey PV EPC projects in India,” comments Siddharth Bhandari, director of the Renewables Division of Electrotherm.

To maximize its potential business development in India, AEG Power Solutions has also decided to implement in 2011 a manufacturing facility for its inverters and provide an extensive service network to serve the local market. The group currently has a factory in Bangalore focused on telecommunications power supply equipment.

Electrotherm is a multi-divisional global Company holding 2500 MW market share in the metal melting industry globally. Electrotherm is involved in the business of manufacturing of induction melting furnaces, electric arc furnaces, induction heating & hardening equipments, ductile iron pipes, electric scooter, special steels & stainless steel, steel structures for solar power plants and turn-key installation of PV solar systems. Electrotherm has more than 2700 employees in India. and its turnover in 2010 fiscal year was about 333 M€.

AEG Power Solutions is a global provider of premium power electronics. For more information, go to www.aegps.com

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