U.S.-based solar energy giant American Capital Energy has formed a 50:50 JV with MSM Energy called ICE Solar to provide photovoltaic (PV) solar engineering, procurement and construction to the Indian markets.

The new solar energy joint venture would entail an investment of Rs. 2,000 crore over the next three years.

The company had already bagged a 5 MW solar power project in Gujarat in the private sector and had got solicitations from a number of players wanting to venture into solar energy.

The objective of ICE Solar is to bring advanced engineering expertise in the solar industry and provide such facilities in India which were in the initial stage of a PV explosion that would unfold during the next few years. ICE will provide energy production guarantee and will take single point responsibility from techno-commercial feasibility analysis to design, engineering, construction, commissioning and maintenance of photovoltaic systems.