BORG Energy to invest $45 mn in India

BORG Energy plans to invest USD 45mn in Indian market for rural electrification and EPC (engineering, procurement and construction) projects within next six months.

The company plans to power 18,000 homes in northern India in next 150 days with BORG Astra Plus Home Series, a range of fully loaded micro solar power plants, specially designed to meet the energy needs of domestic households and Solar Farm Master Series Controller targeted at generating power for irrigation projects in India.

While inaugurating the press conference along with Joseph Fournier, director, BORG , M.S. Sundararajan, Ex-chairman, Indian Bank and Independent director, BORG Energy India, T.S. Krishnamurthy, Ex-chief election commissioner of India and Independent director, BORG Energy India and senior executives of BORG in Delhi, Boaz Augustin Jr., BORG Energy MD, Asia Pacific said, "We will invest 45mn USD in India within next six months. We commit 25mn USD for rural electrification projects using solar power and 20mn USD will be used for EPC projects in U.P., Tamil Nadu, Rajasthan, Bihar and Andhra Pradesh. We have ambitious plans to install BORG Power plants in 2.5mn households in various states of India over the next 3 years. We are currently developing appropriate retail network of 220 Borg Power Play show rooms in India. BORG Play showrooms are BORG's exclusive outlets offering experience zones to consumers".

He further emphasized that the challenge lies in creating greater awareness for green and clean technology, highlighting benefits of solar power by providing power security and generate own electricity for self consumption, thereby reducing dependence on grid power to the Indian consumers. In India, there is currently supply-demand gap of 12%, necessitating the need to introduce power cuts, both scheduled and unscheduled to all types of consumers. He added that BORG product line is customized for Indian power conditions. BORG's products will be distributed through distributor network and franchisee model in India.
BORG is also planning to set up a R&D facility in 2016 towards nano technology in solar panels said, Joseph Fournier, director, BORG.