Tata BP Solar, the joint venture of BP Solar and India’s Tata Power Co. announced yesterday it will raise US$78 million for a threefold expansion of production capacity.
The company said it has signed an agreement from Calyon Bank (ACA.PA), BNP Paribas (BNP.PA) and others for the funding, which will be used to increase photovoltaic solar cell production to 180 megawatts (MW).
The company, which is India’s largest manufacturer of solar cells and solar water heaters, said it plans to eventually expand to 300 MW.
In a statement the company said it expects to sales revenue to top US$209 million in 2007/2008–60% from exports, with more than 95% of the exports to Europe and America.
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