KOLKATA: An eight-member team from South Korea, Taiwan and Singapore and officials from Kolkata-based Synergy Renewable Energy (SREPL) on Friday met West Bengal’s chief minister Buddhadeb Bhattacharya and formalised an agreement to set up a $400-million joint venture project to manufacture solar wafer at Durgapur in West Bengal.

Solar wafers are used to manufacture solar panels and modules which go into generating electricity from sunlight. Under the agreement, a company christened Kits Solar, will be incorporated and registered in Kolkata with an authorised share capital of Rs 200 crore. It will be an 100% export-oriented unit.

The West Bengal government has decided to pick up 10% equity through the West Bengal Renewable Energy Development Agency in the project, which will become operational in the next one year.

SREPL will hold 30% while South Korea’s Komex along with its associates from Singapore, Taiwan and South Korea will hold the remaining 60% stake in the company. The Komex-led consortium members include Green Energy Technology of Taiwan, Glosil of South Korea, Smart Applications of South Korea, S&T Solar Pte of Singapore, Rectec International and Motech of Taiwan.

This will be the first wafer manufacturing facility in India and will also mark the entry of Korean and Taiwanese majors in the field of solar energy in India.