XL Telecom & Energy to establish solar farms in Spain
India-based XL Telecom & Energy is planning to enter the power generation business by establishing solar farms in Spain.
Saptashva Solar, a wholly owned subsidiary of the company, will establish a series of solar farms for power generation in Spain with a target for the first year of about 28MW capacity. The medium-term target is to install close to 200MW of these farms in Spain and surrounding Portugal alone. The solar farms proposed to be established in the first year would require a total investment of approximately €168 million ($247 million). Based on the current policy and legislation, the project is expected to have a 25-year power purchase agreement from the local utility company. Saptashva would generate on first full year of operations with this capacity about €17.74 million ($26 million) with 20% margins for the next 25 years. The first solar farm of 2.3MW would be implemented before March 2008 and the balance would get installed by December 2008. (energy-business-review)
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