ESolar to build solar power plants in India
ESolar Inc on Tuesday said it reached a deal with Indian energy and technology company The ACME Group to build up to one gigawatt of solar thermal power plants in India over the next 10 years.
ACME will make a $30 million equity investment in eSolar in return for the exclusive right to develop plants employing the companys modular solar thermal power technology.
The partnership is eSolars first foray outside the United States. The Pasadena, California, company has been racking up deals with U.S. utilities, including an agreement last month with NRG Energy Inc to create up to 500 MW of solar thermal power plants in the U.S. Southwest.
Solar thermal power uses the suns heat to heat water, producing steam that powers a turbine to create electricity. The technology is seen by some as a viable replacement for fossil-fueled electricity because plants can rival the size of many conventional power plants.
ESolar said construction will start later this year on the first 100 MW of power plants. It has already signed a power purchase deal for 250 MW, the company said.
ESolar investors include technology incubator Idealab, Google Inc and Oak Investment Partners.
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