eSolar to build 1 Gigawatt of solar power plants in India

04 March 2009

Idealab company eSolar, which makes modular, scalable solar thermal power plants, has announced an exclusive licensing agreement with India's green technology solutions provider ACME Group, to build up to 1,000 MW of solar thermal power plants over the next 10 years.

ACME, which focuses on energy, environment, water and telecommunications infrastructure, will invests $30 million into the equity of eSolar, and act as its exclusive master licensee with exclusive right to represent eSolar in India, for developing utility-scale solar thermal projects and working with other companies to build solar thermal power plants in India using eSolar technology.

Both companies plan to pool resources to enable complete project capabilities, ranging from technology development and component manufacturing to power plant construction and operation.

"eSolar has produced the first solar energy that is competitive with fossil fuels," said Bill Gross, CEO of eSolar. "ACME's $30-million commitment demonstrates their confidence in eSolar's technology. We are committed to working with the very best partners, such as ACME, to scale deployment as quickly as possible around the world."

This partnership represents eSolar's first international licensing agreement. As a master licensee, ACME will build, own and operate solar thermal plants in India using eSolar's modular and scalable design and will work with other companies to build solar thermal power plants in India using eSolar technology.

ACME has already signed power purchase memoranda of understanding for 250 MW. Construction will start later this year on the first 100 MW of eSolar power plants, and ACME is targeting 1,000 MW of solar power within India over the next 10 years. This deal builds on eSolar's partnership with and $10 million equity investment from NRG Energy, Inc. to construct 500 MW in the United States.