Tata BP Solar raises $78 million

March 17, 2008: Tata BP Solar today announced that they had signed an agreement with Calyon Bank (Credit Agricole CIB) and BNP Paribas and among others, to raise $78 million to fund its 128MW Solar Cell Expansion Project, which is in the advanced stages of implementation, eventually totaling 180MW solar cell manufacturing capacity.

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

Tata BP Solar, a Tata Power and BP Solar joint venture, has been leading India's solar industry for over fifteen years. Today, it is India's largest solar photo voltaic manufacturing company, and the largest manufacturer of solar water heaters in India. The Company delivers products and solutions that serve both the Indian and global markets, earning substantial foreign exchange earnings for India while also increasing product supply locally. During 2006-07, Tata BP Solar achieved Rs. 6690 million sales revenue and is poised to exceed Rs. 8500 million during 2007-08.

"We have been at the forefront of helping to build a solar industry and market in India," said Syamal Gupta, Chairman, Tata BP Solar. "We are pleased to be joining hands with players in the banking sector to help us to continue to supply the global market, while also growing India's domestic photovoltaic market."

India's growing solar market currently consumes about 1% of the world's photovoltaic products. Total domestic installed photovoltaic capacity is in excess of 100 MW cumulative. Most of the photovoltaics used in India are used for off-grid applications (so have a disproportionate impact in relation to their capacity), however today there is an increasing interest in on-grid applications, as well as high tech applications for various high tech sectors, including telecommunications and the 'green buildings' sector.

What is solar photovoltaic power?

Solar photovoltaic technology converts the energy of the sun into electricity which can be used normally in any home, business or industrial application. Solar installations can either be stand alone, using batteries to store the energy generated, or grid connected, with any excess energy generated fed back to the electricity grid. Tata BP Solar's products utilise monocrystalline and multicrystalline solar technologies.

Tata BP Solar

Tata BP Solar is Bangalore based joint venture of Tata Power and BP Solar, where BP Solar holds a 51% stake and Tata Power Company Limited holds the balance. Formed in 1989 with commercial operations beginning in 1991, Tata BP Solar has a solid track record of managing safety, growth and performance. The company manufactures Solar cells, solar panels, as well as delivering solar solutions to the end customer. The company has supplied solar energy systems that provided energy to more than 6 million people in the Indian sub continent for applications such as village lighting, water pumping and telecommunications. Tata BP Solar has the distinction of obtaining ISO 9001 quality accreditation and ISO 14001 environmental standards accreditation from BVQI, London. Tata BP Solar products and systems have been accorded approvals by various test agencies across the world including the World Health Organization; Bureau of Indian Standard, Asian Institute of Technology amongst others.

Tata Power

Tata Power is India's largest private sector power utility with an installed generation capacity of over 2300 MW and a presence in all the segments of the power sector viz Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. The Company has successful public-private partnerships in Generation, Transmission and Distribution and is poised for a five fold growth in next five years. It has recently acquired 30% stake in Coal Companies at Indonesia and is developing the first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology.

BP is among the world's largest energy companies with operations in 110 countries and more than 96,000 employees. BP's investments in India include Castrol India Limited and Tata BP Solar. Recently BP was awarded a Coal Bed Methane block at Birbhum in the State of West Bengal. BP currently employs over 1500 people in India. BP Solar is a global company with over 2,200 employees focused on harnessing the sun's energy. This includes the design, manufacture and marketing of quality solar electricity systems for a wide range of applications in the residential, commercial and industrial sectors. With over 30 years experience and installations in more than 100 countries, BP Solar is one of the world's largest solar companies and has manufacturing facilities in Spain, the US, Australia, India and China. www.tatabpsolar.com; www.bpsolar.com; www.bpalternativenergy.com