E-Solar gets $30 mn to help build solar plants in India

E-Solar gets $30 mn to help build solar plants in India
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First Published: Wed, Mar 04 2009. 12 48 AM IST

Global plans: A file photo of Idealab and e-Solar chief executive officer Bill Gross in Pasadena, California. Mario Anzuoni / Reuters
Global plans: A file photo of Idealab and e-Solar chief executive officer Bill Gross in Pasadena, California. Mario Anzuoni / Reuters
Updated: Wed, Mar 04 2009. 12 48 AM IST
San Francisco: E-Solar, a closely held solar power company backed by Idealab Inc. founder Bill Gross, said it will license its technology to Acme Group to build solar plants in India that can provide as much as 1 gigawatt of power.
India-based Acme Group will make a $30 million investment in e-Solar in exchange for a 5% ownership stake and the right to use its technology over the next 10 years, Gross, chief executive officer of e-solar, said in an interview.
Global plans: A file photo of Idealab and e-Solar chief executive officer Bill Gross in Pasadena, California. Mario Anzuoni / Reuters
“This is huge for us,” Gross said. “This is our first international deal, and we really want to take our technology worldwide.”
Pasadena, California-based e-Solar’s solar-thermal plants use sunlight to create steam that drives turbines. Construction will start on the first plant this year, Gross said.
E-Solar, which builds 46MW solar units that can be combined to produce more power, is also looking at projects in other countries.
In February, e-Solar received a $10 million equity investment from NRG Energy Inc. for rights to build three solar plants in the US Southwest.
NRG’s investment includes using e-Solar’s technology to build plants to supply power to Edison International’s Southern California Edison.
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First Published: Wed, Mar 04 2009. 12 48 AM IST