The Hindu : Business : Titan Energy to set up solar cell unit in Fab City

Online edition of India's National Newspaper
Saturday, Oct 13, 2007
ePaper

Business

Business

Titan Energy to set up solar cell unit in Fab City

Special Correspondent

To ramp up capacity with Rs. 40 cr. investment

HYDERABAD: The Hyderabad-based solar photovoltaic module manufacturer, Titan Energy Systems, has announced plans to set up a 500 MW facility in the Fab City near Hyderabad with an investment of Rs. 900 crore and ramp up the annual capacity of its existing unit from 50 MW to 150 MW at a cost of Rs. 40 crore.

Talking to The Hindu, the company’s Managing Director, Rao S. Y. S. Chodagam, said the allocation of land from the Government for the new unit in Fab City was expected by the year-end and it was planned to start the operations by the first quarter of 2009. He said the finances would be met initially through private equity and later through initial public offering (IPO).

The new unit would manufacture both cell line and wafer line photovoltaic power modules as also thin film.

The expansion of the existing facility was taken up following orders from Europe and the U.S. under long-term contracts in excess of Rs. 1,000 crore. With expansion scheduled to be completed in six months, the turnover was expected to increase to Rs. 650 crore next year from Rs. 160 crore this year. As part of the expansion, the company had tied up with a reputed U.S.-based firm for automation. He said automation for 50 mw would be completed by December and for another 100 mw by June next.

Mr. Rao said the company had been exporting its power modules to the European market for the past eight years and had recently received International Electric Commission certification which was mandatory for sale in Europe and the U.S.

Printer friendly page
Send this article to Friends by E-Mail

Business