Australia’s Heliostat inks Concentrated Solar Power MoU in India

Australia’s Heliostat inks Concentrated Solar Power MoU in India

Heliostat’s CEO Jason May said the firm is on track to develop 50-MW and 100-MW projects initially. It aims to deliver the 1-GW solar projects portfolio in solar-rich regions of India.

A solar manufacturing company has signed agreements with two Indian firms to develop solar products, creating hundreds of new jobs in Australia.

Solar manufacturing company Heliostat has linked up with Mumbai-based Global Wind Power Ltd and Jaipur-based Gravita India LtdBSE -2.88 %, said a statement issued by South Australia minister for investment and trade Martin Hamilton-Smith.

The agreement was signed during the Australian trade delegation’s visit to India this week.

A memorandum of understanding (MoU) between the two companies was announced on Monday by the South Australian government.

Heliostat’s CEO Jason May said the firm is on track to develop 50-MW and 100-MW projects initially. It aims to deliver the 1-GW solar projects portfolio in solar-rich regions of India over the coming four years for an estimated investment of AUD 2.5 billion (USD 1.85bn/EUR 1.7bn).

The South Australia-based company is focused on concentrated solar power (CSP) and concentrated solar photovoltaic (CSPV) projects, using technology developed in partnership with CSIRO. As part of an Australian trade delegation in India this week, Heliostat signed a second MoU, this time with Gravita India Ltd, for industrial CSP thermal applications for metal recycling.

“The India opportunity represents around half of our annual forecast turnover with projects in other countries and local Australian projects contributing to the remainder,” Jason May commented.

Martin Hamilton-Smith, Minister for Investment and Trade, said Heliostat’s two deals represent “a significant opportunity” for global financial funds to invest in India’s emerging economy and, at the same time, support South Australia industries.