Websol, AMP Energy to form JV for manufacturing of 1.2 GW monocrystalline PERC solar cells; stock rallies ~10%

8 Sep 2022 , 02:30 PM

Websol Energy Systems Limited has agreed to a Term Sheet with AMP Energy India to create a Joint Venture for the manufacturing and production of up to 1.2 GW monocrystalline PERC solar cells and modules in two stages of 600 MW each at their current factory in Falta, West Bengal.

It is proposed to establish the unit under a joint venture business in which Websol would own 51% and AMP will own the other 49%.

The project will be funded using a combination of debt and equity, and an offtake agreement with AMP Energy India Pvt Ltd for up to 50% of output will be in place.

At around 2.28 PM, Websol Energy System was trading at Rs108.50 up by 9.98% from its previous closing of Rs98.65 on the BSE. The scrip touched intraday high and low of Rs108.50 and Rs105 respectively.

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