The major company in the power sector, the US-based Signet Solar has recently announced that it is planning to make a huge investment of Rs. 2,000 crore in India very soon. The officials of the company have stated that they have already signed a Memorandum of Understanding (MoU) with the state Government of Tamil Nadu for making the investment and they would manufacture thin film photovoltaic modules at Sriperumbudur, near Chennai under this project. The State Industries Secretary, Mr. M. F. Farooqui and the Chairman of Signet Solar, Dr Prabhu Goel have signed the MoU on behalf of their respective institutions and they have also formalized the concessions that are allowed under the Governments industrial policy.
According to one of the top officials of the California-headquartered Signet Solar, the company is already having some huge orders of a total valuation of $400 million (Rs 1,600 crore) on its hand. The official said that the first manufacturing facility of the company is almost completed at Dresden, Germany and they are also expecting some more orders as the demand for solar power is growing globally with time. The official added that its plant in Sriperumbudur is coming up in prediction of these orders only.
One of the sources from the company has informed that the company is going to complete making the investment over the next five years and the plant would be having a capacity to manufacture the PV modules at the end of this period. The source added that the PV modules are likely to be able to generate about 300 MW of power, once installed. According to the source. The company is preferring to have an installed capacity for producing 1,000 MW of PV modules per year by the year of 2016, however, the plant in Sriperumbudur would supply only 300 MW of the total capacity. The officials further said that the company is also examining some other locations in order to put up another 2-3 units. The officials further informed that though the company is planning to export the solar power produced in India in the initial period, Signet Solar has plans to serve the Indian market as well, once the domestic demand increases.
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| Posted : 3/19/2008 |
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