Mumbai: Optical storage maker Moser Baer India Ltd said that it has got orders to supply solar modules to customers in Europe worth $500 million.
The customers include Germany’s system integration firm Ralos Vertriebs and Colexon Energy.
Under the agreements Moser Baer’s unit PV Technologies India Ltd will supply amorphous silicon thin film panels up to 2012.
“The agreement terms include fixed price take or pay obligations secured by bank guarantees,” it said in a statement.
“Moser Baer is following a differentiated strategy in this high growth business and we are poised to be a global leader in solar PV (photo voltaics),” CEO of Moser Baer Photovoltaic Ltd, Ravi Khanna said.
Recently the company had announced raising $93.5 million through a consortium of private equity investors to fund its solar panels business.
Moser Baer Photovoltaic and PV Technologies make solar cells and modules.
Shares in Moser Baer were trading up 7.2% at Rs116.8 on the Bombay Stock Exchange (BSE), which was up 1.5%.