Tata BP Solar signs pact; to raise $78 million under expansion plan

Solar PanelsTata BP Solar, a Tata Power and BP solar joint venture company has signed an agreement with Calyon Bank (Credit Agricole CIB) and BNP Paribas and among others, to raise USD 78 million to fund its 128MW Solar Cell Expansion Project.

This is another move towards realizing the designed potential of the 300MW plant. The current production line’s manufacturing capacity is already around 50MW per annum.

Today, BP Solar is India’s largest solar photovoltaic manufacturing company and the largest manufacturer of solar water heaters in India.

The company provides customized solar solutions that illuminate homes, streets and communities, pump water to fields and provide hot water for residential and commercial applications. Solar road safety aids and building integrated photovoltaic also form part of its constantly growing portfolio.

More than 60% of its sales come from exports, with more than 95% of the exports to Europe and America. The company expects sales revenue to top 8.5 billion rupees ($209 million) in 2007/08.