US-based thin film solar module maker may invest R2,255 cr in TN

Written by Kavitha Venkatraman | Chennai | Updated: May 31 2011, 08:34am hrs
A US-based thin film solar module manufacturer is exploring the possibility of setting up a facility in Tamil Nadu with an investment of $500 million (approximately R2,255 crore) in the coming months. The multi national company is looking at housing the state-of-the-art facility in about 250 acres of land.

According to government officials, a top level team from the company is expected to visit sometime early next week to initiate discussions with the state government officials including the industries secretary. The MNC would look at putting up the facility closer to Chennai because of its proximity to ports and the international airport. It is also learnt that the US company would be roping in consultants to hand hold them in the exercise.

For MNCs, India is a favourable destination for investments. And when it comes to large FDI projects, states like Gujarat and Tamil Nadu are the most preferred because of the strong infrastructure set up. The US-based thin film solar module maker is likely to close in on some land near Chennai and the team is expected to visit some places during their stay next week, officials said without divulging the name of the entity.

Officials pointed out that the company is a leader in making thin film solar modules and the fastest growing manufacturer in the world. They enable clean, renewable electricity at lower costs by providing a sustainable alternative to the conventional energy sources. The company would bring in latest advancement in solar module technology and bring down the cost of solar electricity to rates comparable with traditional fossil fuel-based energy sources, they said adding if the company decides to set up shop in Tamil Nadu, it will change the face of solar energy as the thin film solar modules of the company have the capability to generate electricity with no air emissions, no waste production, and no water use.