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Tata BP Solar, Bangalore Raises $78 Million for Further Investments in Solar Energy |
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Written by News watch
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Monday, 17 March 2008 |
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Tata BP Solar announced that they had signed an agreement
with Calyon Bank (Credit Agricole CIB) and BNP Paribas and among others, to
raise $78 million to fund its 128MW Solar Cell Expansion Project, which is in
the advanced stages of implementation, eventually totaling 180MW solar cell
manufacturing capacity. This is another step towards realizing the designed
potential of the 300MW plant. The current production line's manufacturing
capacity is already some 50MW per annum.
Tata BP Solar, a Tata Power and BP Solar joint venture, has
been leading India's
solar industry for over fifteen years.
Today, it is India's
largest solar photo voltaic manufacturing company, and the largest manufacturer
of solar water heaters in India. The Company delivers products and solutions
that serve both the Indian and global markets, earning substantial foreign
exchange earnings for India
while also increasing product supply locally.
During 2006-07, Tata BP Solar achieved Rs. 6690 million sales revenue
and is poised to exceed Rs. 8500 million during 2007-08.
India's growing solar market currently consumes about 1% of
the world's photovoltaic products. Total
domestic installed photovoltaic capacity is in excess of 100 MW
cumulative. Most of the photovoltaics
used in India
are used for off-grid applications (so have a disproportionate impact in
relation to their capacity), however today there is an increasing interest in
on-grid applications, as well as high tech applications for various high tech
sectors, including telecommunications and the "green buildings" sector.
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