Mulk to take leap into renewable energy
Company to supply Indian JV with new solar troughs
Mulk Holdings, a Sharjah-based company that produces glass and aluminum facades, is to branch out into solar technology by supplying solar troughs to a joint venture in India.
Mulk Renewable Energy, a Mulk subsidiary, will hold a 25% equity stake in the plant initial phase of the plant, which is to be built in Banglore. The majority stake is owned by the Indian company Aditya Solar Power Industries. The plant will have an initial net power capacity of 40 megawatts once the first stage of the development has been completed in 2012, rising to 200 megawatts by 2013.
Mulk Renewable Energy is set to profit through the joint venture by receiving generous feed-in tariffs from the Indian government. A lack of similar government policies in the Middle Eastern countries means that renewable energy faces much greater hurdles in the region. “No businessman can go and invest in a solar plant and compete with coal, so the governments here need to offer more,” commented Mulk chairman Nawab Shaji Ul Mulk.
According to a company spokesperson, Mulk will be the first company in the UAE to produce Solar panels. Their solar troughs are produced in Sharjah using aluminum, rather than the customary glass mirrors, which the company says provide extra durability and weight reductions.
The contracts for the delivery of the solar panels and the joint venture were signed on 7 April by Ul Mulk and Aditya boss R. T. Mukunda at Mulk’s headquarters in the Sharjah Hamriyah free zone.