Tata BP Solar raises $78 million for further investments in solar energy
March 17, 2008

Tata BP Solar today announced that it has signed an agreement with Calyon Bank (Credit Agricole CIB), BNP Paribas and 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 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 Rs6,690 million sales revenue and is poised to exceed Rs8,500 million during 2007-08.

"We have been at the forefront of helping to 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 to continue to supply the global market, while also growing India's domestic photovoltaic market."

India's growing solar market currently consumes about 1 per cent of the world's photovoltaic products. Total domestic installed photovoltaic capacity is in excess of 100mw 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.