Veer Energy & Infrastructure Ltd., a Mumbai-based wind-power developer, bought solar panels for its first project in India from U.S.-based New Millennium Solar Equipment Corp.
Veer plans to install 400 thin-film panels of 58.5 watts each for a rooftop project in the Sanand district of the western Indian state of Gujarat, the company said in a filing today.
It will be Veer Energy’s first solar installation. The company, which plans to pursue larger megawatt-sized projects after this pilot, expects to earn an additional 20 million rupees ($374,111) profit in the year to March 31, 2014, from its solar business, it said.
New Millennium Solar was acquired in September 2011 by Sunlogics Inc., a Rochester Hills, Michigan-based company backed by General Motors Co. Sunlogics has changed its name to ViSole Energy Inc., according to its website.