GAIL (India) Ltd, India’s largest natural gas company, has announced plans to expand into vertically integrated solar manufacturing with an undisclosed partner.
From pv magazine India
State-run GAIL is eyeing opportunities in solar manufacturing. It plans to manufacture PV products in partnership with an undisclosed company. They will set up an integrated solar manufacturing project involving metallurgical grade silicon, polysilicon, ingot/wafers, cells, modules, and solar glass via a special purpose vehicle (SPV).
GAIL and a potential partner plan to collaborate on the PV manufacturing project through a joint special purpose vehicle (SPV). GAIL said it might acquire an agreed equity stake in the SPV.
GAIL plans to conduct a due diligence study for a PV manufacturing project in collaboration with its prospective partner/SPV. A consultant will be hired to evaluate the opportunity based on data provided by the partner/SPV. If the outcome is positive, GAIL and its partner may proceed with the transaction, subject to board approvals.
GAIL has diversified into renewable energy with a 118 MW wind portfolio and about 14 MW of solar.
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