Solar manufacturing company Heliostat has linked up with one of India’s largest power generation companies, to generate millions of dollars in exports and create hundreds of jobs.

Attending a trade delegation in India this week, Minister for Investment and Trade Martin Hamilton-Smith said the Memorandum of Understanding between Heliostat and GWPL Global Wind Power sets up new opportunities in the state’s advanced manufacturing sector.

“Heliostat manufacturers and distributes high quality and cost effective solar products from its world class Adelaide factory and a majority of its sales are to international export markets,” Mr Hamilton-Smith said.

“This is not the first time Heliostat has explored new opportunities in sun drenched India – and is an example of how persistent engagement with international markets can lead to significant export outcomes and jobs growth.”

Chief Executive Officer of Heliostat Jason May said “The first Memorandum of Understanding includes the development of utility scale solar projects with power generation developer GWPL.

“This is the first step in the development of a 1Giga Watt solar projects portfolio in the solar rich regions of India – this amount of solar is enough energy to supply a city the size of Adelaide,” Mr May said.

“This will secure long term job prospects in both countries with a strong focus on employment in Adelaide and regional areas in South Australia.

“A second Memorandum of Understanding includes the development of industrial CSP thermal applications for metal recycling with Indian company Gravita.

“The development of solar thermal systems has a wide range of applications globally, including the reduction of foundry running costs.”

Mr Hamilton-Smith said these agreements represent a significant opportunity for global financial funds to invest in India’s emerging economy at the same time supporting South Australia’s design and advanced manufacturing industries.

Mr May said Heliostat is on track to develop 50 mega watt and 100 mega watt projects initially with a view to delivering the 1 Giga Watt portfolio over the next four years.

“This represents around $2.5 Billion in investment and $1 Billion in professional services and product sales.

“A project of this size has the potential to create hundreds of jobs in Adelaide and across Australia ranging from engineering, product and materials research and manufacturing positions for workers currently transitioning from the automotive sector,” Mr May said.

“The government-led trade missions have offered Heliostat a unique opportunity to execute Memorandum of Understandings with two of the largest companies in India.

“State Government support is critical in providing a solid negotiation platform with the Indian government system and has helped to expedite project development efforts.

“The global community is investing heavily in medium to large scale solar. The solar sector is in its infancy and is currently worth $5 Trillion, one of the largest growing sectors in the world.

“The India opportunity represents around half of our annual forecast turnover with projects in other countries and local Australian projects contributing to the remainder,” Mr May said.

Mr Hamilton-Smith said although India is already Australia’s third largest export market, worth more than $800 million – it has significant growth potential in services and premium products.

“The State Government is leading its largest ever trade mission to India, with a broad range of export sectors including food and wine, arts, education, health, mining and resources and tourism,” Mr Hamilton-Smith said.

“These South Australian businesses will have a strategic advantage to attract investment, export our premium products and services, and drive job growth in this state.