Tata BP to raise $78 m for solar cell expansion project

Bangalore: Tata BP Solar announced that it has signed an agreement with Calyon Bank (Credit Agricole CIB) and BNP Paribas to raise $78 million to fund its 128-MW Solar Cell Expansion Project, which is in the advanced stages of implementation.

The project eventually would be scaled up to a 180-MW solar cell manufacturing capacity. This is another step towards realising the designed potential of the 300-MW plant.

A company release said the current manufacturing capacity was 50 MW per annum. Tata BP Solar, a Tata Power and BP Solar joint venture, 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.

During 2006-07, Tata BP Solar achieved Rs 669-crore sales revenue and is poised to exceed Rs 850 crore during 2007-08.

“We have been at the forefront of helping to build a solar industry and market in India,” said Mr 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,” He said.

India’s growing solar market currently consumes about one per cent of the world’s photovoltaic products. Total domestic installed photovoltaic capacity was in excess of 100 MW. Most of the photovoltaics used in India are used for off-grid applications. However today there was 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.