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Tata BP Solar raises $78 mn in solar energy

Tata BP Solar raises $78 mn in solar energy
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First Published: Mon, Mar 17 2008. 04 45 PM IST
Updated: Mon, Mar 17 2008. 04 45 PM IST
Bangalore: Tata BP Solar today 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 15 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 Rs6690 million sales revenue and is poised to exceed Rs8500 million during 2007-08.
”We have been at the forefront of helping build a solar industry and market in India,” said Syamal Gupta, chairman, Tata BP Solar. ”We are pleased to be joining hands with players in the banking sector to help us continue supplying to the global market.”
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 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.
Solar photovoltaic technology converts the energy of the sun into electricity which can be used normally in any home, business or industrial application. Solar installations can either be stand alone, using batteries to store the energy generated, or grid connected, with any excess energy generated fed back to the electricity grid. Tata BP Solar’s products utilize monocrystalline and multicrystalline solar technologies.
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First Published: Mon, Mar 17 2008. 04 45 PM IST