The new company will have its headquarters at Pune in Maharashtra, India. Under the terms of the agreement, B&W PGG will also license its technology to the joint venture company for subcritical boilers 300MW and larger, supercritical boilers and coal pulverizers.
The joint venture will have the full capability to engineer, manufacture and manage projects for the Indian power sector. The partners will also construct a new pressure parts fabrication facility in India.
The initiative combines B&W PGG’s power generation technology and project management capabilities with Thermax’s capabilities of integrating energy and environmental systems in the Indian market. B&W PGG will own a 49% share of the joint venture while Thermax will have 51% ownership.
The company said that the joint venture is being established at a critical time when India’s growth plans, coupled with the country’s dependence on coal-fired power plants, present a tremendous opportunity to participate in power market.
Brandon Bethards, president and CEO of B&W, said: ”Our joint venture with Thermax is an important element of B&W’s deeper engagement with India as part of our clean energy initiative. Together, with ongoing discussions regarding joint deployment of the modular B&W mPower reactor, this partnership in India will bring further innovation to the region’s growing energy markets.”
