Australian solar firm sign agreements with 2 Indian power companies

MELBOURNE: A solar manufacturing company has signed agreements with two Indian firms to develop solar products, creating hundreds of new jobs in Australia.

Solar manufacturing company Heliostat has linked up with Mumbai-based Global Wind Power Ltd and Jaipur-based Gravita India Ltd, said a statement issued by South Australia minister for investment and trade Martin Hamilton-Smith.

The agreement was signed during the Australian trade delegation's visit to India this week.

The minister said that Memorandum of Understanding (MoU) between Heliostat and Global Wind Power (GWPL) sets up new opportunities in the state's advanced manufacturing sector.

"Heliostat manufactures and distributes high quality and cost effective solar products from its world class Adelaide factory and a majority of its sales are to international export markets," Hamilton-Smith said.

"This is not the first time Heliostat has explored new opportunities in sun drenched India - and is an example of how persistent engagement with international markets can lead to significant export outcomes and jobs growth," Heliostat CEO Jason May said.

"The first MoU includes the development of utility scale solar projects with power generation developer GWPL," he said.

"This is the first step in the development of a 1Giga Watt solar projects portfolio in the solar rich regions of India - this amount of solar is enough energy to supply a city the size of Adelaide," he added.

"This will secure long term job prospects in both countries with a strong focus on employment in Adelaide and regional areas in South Australia," May said.

"A second MoU includes the development of industrial Concentrated Solar Power (CSP) thermal applications for metal recycling with Indian company Gravita," he added.

"The development of solar thermal systems has a wide range of applications globally, including the reduction of foundry running costs," May said.

Hamilton-Smith said these agreements represent a significant opportunity for global financial funds to invest in India's emerging economy at the same time supporting South Australia's design and advanced manufacturing industries.

"The government-led trade missions have offered Heliostat a unique opportunity to execute Memorandum of Understandings with two of the largest companies in India," he said.

"The global community is investing heavily in medium to large scale solar. The solar sector is in its infancy and is currently worth USD 5 trillion, one of the largest growing sectors in the world," he said.

"The India opportunity represents around half of our annual forecast turnover with projects in other countries and local Australian projects contributing to the remainder."

Hamilton-Smith said although India is already Australia's third largest export market, worth more than 800 million dollar - it has significant growth potential in services and premium products.

"The State Government is leading its largest ever trade mission to India, with a broad range of export sectors including food and wine, arts, education, health, mining and resources and tourism," he added.

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