Goldstone Infratech Limited announced the major joint venture with Dr. June Min, the founder of TF SolarPower Pvt. Ltd. and Jusung Engineering Ltd., an equipment supplier in Korea to set up solar panel fab in the fab city, Hyderabad.

Goldstone Infratech, a market leader in polymer insulators, will hold a 54 per cent stake in the venture, and Dr. Min and Jusung Engineering will hold 46 per cent. Dr. June Min is a pioneer in the setting up of foundry semiconductor fabs for fabless companies in USA, China and Korea, and Jusung Engineering has been a leader of supplying process equipment for semiconductor, LCD and now solar panel.TF SolarPower and its partners will be setting up a production unit to manufacture thin-film photovoltaic panels. The initial fab capacity will be 52MWp with an investment of Rs 600 crores for the first fab of the project. The plant will have a capacity to produce 350MWp in phase I and the total project cost is estimated at Rs 2,800 crores within 4 to 5 years.

The solar fab will be deploying Jusung’s patented 3D cell design and manufacturing technology, which gives 8.5 per cent efficiency – the highest in thin film photovoltaic panels in worldwide.

The construction of the first solar fab has already begun by Sungdo ENG, a clean room contractor from Korea and the joint venture is expected to complete the first fab unit by end of 2008 and to deliver panel products within 12 months from this announcement.

“The thin film technology is the best photovoltaic (PV) process in terms of application, market and cost. TF SolarPower intends to participate in the PV market, using its silicon and LCD expertise to develop amorphous silicon based solar panels and become a market leader in this space; what is believed, the lowest cost and highest efficiency solar panels,” said Dr. June Min. “The coming together with Goldstone Infratech, solar power plant builder and Jusung Engineering, equipment supplier to set up a joint venture company for Thin Film PV panels in Hyderabad is a happy occasion for the development of renewable energy products. I am very excited to establish the first fab in any kind in Hyderabad after waiting for it long three years.” he added.

“We are very excited to be partnering with Dr. June Min and Jusung Engineering, to set up a world-class thin-film photovoltaic panels unit in Fab City, Hyderabad. The photovoltaic panel market is expected to grow substantially going forward because of the government’s initiatives to promote non-conventional and renewable energy production, and also because of increasing awareness among industry of the need to implement ‘green’ technologies,” said N K Rawal, CEO of Goldstone group.

As a supplier of equipment and solution, we would like to maximize Jusung’s equipment opportunity in this exiting industry. We’ll make sure that the equipment will be state-of-the art,” said Dr. CJ Hwang, Chairman of Jusung Engineering. “Jusung is very excited to enter into Indian market for the first time,” he added.

Sourced From: Concept Public Relations India Pvt. Ltd

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