Refex Energy, the part of BSE-listed Refex refrigerants, has informed that the firm is setting up a 50 MW solar PV power plant in Gujarat.

Recently, the energy firm for the purpose has signed a MOU with energy and petrochemicals department in the State.

Refex Energy stated in an official communiqué that it intends to begin the first phase of the 50 MW in 2009 and complete the investment in stages.

The project will specialize in PV system integration and will include design, supply, implementation and maintenance of solar installations for the Power Plant, the company further added.

The company has estimated an investment worth Rs 1000 crore for the project.

It may be noted that Refex Energy recently partnered with IBC Solar from Germany for solar system integration projects in India.

Market analysts believe that Refex’s partnership with IBC Solar will help them to cater to the growing Indian solar industry.

IBC Solar is one of the largest solar PV system integrators in the world.