~ Inked pact with ‘Yingli Solar' as a technical partner ~ To tie up with ‘Anna University' ~ Aims to attain leadership in domestic household market with roof top installations initially
Chennai, 22 January, 2013: Aeon Renewable Energy Solution, a solar energy venture of Madurai Appu chain of restaurants, today announced its strategic plan for setting up 25MW solar power generation plant in Tamilnadu. The company has roped in ‘Yingli Solar', one of the world's largest solar panel manufacturers with over 4.5GW of solar module installation around the globe as their technical partner. It is also entering into a tie up with ‘Anna University' as part of it's industry - academia initiatives.
Announcing the entry into solar business, Aeon Renewable Energy aims to attain the leadership position in the domestic household market initially through roof top installations and then to set up its solar power plant in Tamilnadu, with an investment of INR250 Crores in a phased manner. The company will operate through a strong 150 distributor network across South India. The funds for the investment will be raised through promoters, investors and financial institutions. The company plans to recruit around 300 engineers to strengthen their installation and after sales service support.
Announcing the solar power venture the Chairman of Aeon Renewable Energy, R. Chandrasekaran said "Capitalizing the huge potential in this space, we extended our business vertical to Solar Energy along with the existing restaurant chain of business. We will be setting up a 25MW solar power generation plant at Pudukottai and Virudhunagar in Tamil Nadu."
The power generated will be evacuated through government grid for Solar Power Obligation and to SMEs through Power Purchase Agreement. After concentrating in Tamilnadu and Puducherry market, the company will expand its footprint across South India with the capacity addition up to 50MW", he adds.
R C Sabarish, Managing Director, Aeon Renewable Energy said "our partnership with the world's leading solar panel manufacturer will provide technologically proven products with international standard to our customers. We are the only partner for Yingli Solar in South India. Our partnership with the world renowned Anna University will help us enhance the learning experience of engineers who would choose renewable energy technology as their career option."
With the supply of latest technology by our partner, we will be offering variety of solar powered electronic products in the retail market." he adds.
ABOUT AEON RENEWABLE ENERGY SOLUTION:
Aeon Renewable Energy Solution Pvt Ltd is a Solar Energy venture of Madurai Appu Chain of Restaurants. The company is formed with the vision of creating and integrating competitive solar energy technology to provide end to end solar solutions. The company has a strategic tie up with Yingli Solar, the world's largest solar panel manufacturer with over 4.5GW of solar module installation around the world as a technical partner for solar power generation.