Signet Solar Inc, manufacturer of silicon thin film photovoltaic (PV) modules, signed a memorandum of understanding with the Tamil Nadu government on Monday to set up a Rs 2,000-crore facility at the Sriperumbudur special economic zone. The construction of the facility will begin later this year and is expected to be operational by end of 2009.
Prabhu Goel, chairman and founder, Signet, said, ?the company?s decision to expand manufacturing in India follows more than $400 million (about Rs 1,600 crore) in advance orders for the first three years of production.? Signet is constructing a manufacturing plant in Germany, which is scheduled to start production by the third quarter of this year. The plant has an annual production capacity of 60 MW. Additional production lines will be added to increase manufacturing capacity to over 100 MW in Germany by 2010, he added.
Signet is also planning to expand production in two other locations in India, Goel said. The company has already presold the entire capacity of its German plant for the first three years, he added. The Chennai facility will initially cater to exports alone, he said.
The company also plans to set up its research and development centre in India to reduce PV system cost and optimise PV products and solutions for emerging economies.