According to Indiatimes' Economic Times service, the West Bengal, India, government and Kolkata, India-based Synergy Renewable Energy Private Ltd. (SREPL) have solidified an agreement with investors from South Korea, Taiwan and Singapore to build a $400 million solar wafer manufacturing unit.
The company, Kits Solar, will be a 100% export-oriented unit and have its facility at Durgapur in the Burdwan district.
"The project will be the first in India in the renewable energy sector and will have a positive impact in the field of solar energy," says Cecil Antony, SREPL's chairman." We are glad to be a part of this prestigious project in West Bengal."
Antony says about $40 million will be spent in the first year setting up the facility at Durgapur, while the rest of the funds will be invested for installing advanced machinery at the site. The total amount will be invested in phases over the next five years, he adds.