Moser Baer India (MOSR.BO) announced that it has entered into definitive agreements to supply solar modules with a cumulative value of more than $500 million to major European solar system integrators.
The agreements are for the supply of amorphous silicon Gen 8.5 thin film panels by PV Technologies India Limited, Moser Baer’s photovoltaic subsidiary, up to the year 2012.
The customers include Ralos Vertriebs, one of Europe’s largest system integrators, and Colexon Energy (HRP.F), a leading player internationally in commercial photovoltaic plants. Both are based in Germany.
The agreement terms include fixed price take or pay obligations.
Yogesh Mathur, Group Chief Financial Officer of Moser Baer, said: "This is a significant step forward in developing long term strategic relationships with top tier players in the sector, as well as securing revenues and cash flows for the business."
Moser Baer had recently announced raising over $93.5 million through a consortium of private equity investors to fund the ambitious growth of its solar photovoltaic business. In all, the photovoltaic subsidiary has raised well over $193.5 million of private equity funding.