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The sun is shining on India’s Tata BP Solar, which recently signed an agreement to raise $78 million in financing to expand its photovoltaic manufacturing plant to 128MW. Currently, the pilot line produces 50MW of solar panels, with 60 percent of those sent outside of India to places like the U.S. and Europe. Calyon Bank and BNP Paribas provided the financing for the Tata Power and BP Solar joint venture, which expects sales of 8.5 billion rupees ($209 million) this year.
The Tata BP plant is just one of several solar manufacturing facilities planned in India after the government last year said it would try to get 10 percent of its power through renewable energy by 2012. Other solar companies in India include SunTechnics Energy, a subsidiary of Germany’s SunTechnics GmbH; Moser Baer Photo Voltaic Ltd., which is investing $250 million in a solar plant; and Signet Solar, which has plans to open three plants in India.