US based solar energy giant American Capital Energy and MSM Energy, a subsidiary of MSM Industries, announced recently to set up a 100 MW solar energy joint-venture company based in India.

The new entity, ICE Solar, will provide photovoltaic (PV) solar engineering, procurement and construction (EPC) to the Indian market.

"There is a four pronged advantage to embracing solar energy to reduce energy risk and pollution, turn our open space or roof top into revenue, reduce energy costs immediately, and gain a competitive advantage and don’t fall behind. In all these regards this is a great opportunity for all of us to popularize and propagate the use of solar PVs," said President and CEO of American Capital Energy, Tom Hunton.

The time is right for the world to adopt the clean and renewable energy source as the major electricity producer, he added.

Commenting on the new venture, President of MSM Energy, Madhav Muvvala said, "ICE Solar, is uniquely positioned to capitalize on this growth opportunity through MSME’s significant business development efforts and American Capital Energy’s considerable engineering, procurement and construction experience".

According to the Managing Director, Asia Pacific for American Capital Energy, Walter Borden, ACE has a distinct advantage in providing Solar PV solutions.

"We are a proven system integrator and project developer with track record of large commercial and utility-scale installations, including the largest rooftop systems in North America and separately one of the largest utility-scale ground mounted projects in the US," he said.

"We are excited to enter the Indian market and have plans to excel here too," he mentioned, adding that  ACE has experienced teams with demonstrated execution capabilities and practical knowledge of all issues in project development and implementation.

ICE Solar is to bring advanced engineering expertise in the solar industry and provide such facilities in India which is in an initial stage of a PV explosion that is unfolding during the next few years, a joint statement said.