Business Daily from THE HINDU group of publications
Thursday, Dec 07, 2006
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Business Daily from THE HINDU group of publications Thursday, Dec 07, 2006 ePaper |
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New Projects Money & Banking - Financial Institutions Industry & Economy - Non-conventional Energy Info-Tech - Hardware IFC may invest Rs 100 cr in Moser Baer project Raja Simhan T.E.
Solar plans The initial outlay will be around $58 million and IFC is considering an investment of $22.5 million. The project is located in a SEZ adjacent to Moser Baer's existing plant in the New Okhla Industrial Development Area industrial estate in Uttar Pradesh. The first phase of 40 MW is expected to go into trial production in the next couple of months.
Chennai , Dec. 6 The International Finance Corporation (IFC), the private equity arm of the World Bank, is considering investing $22 million (Rs 100 crore) in a project of Moser Baer India Ltd, which manufactures recordable optical storage media products such as compact discs and DVDs. The funding is for the $92-million (Rs 414 crore) Moser Baer Photo Voltaic Ltd (a subsidiary of Moser Baer) project to set up an export-oriented solar photovoltaic (PV) cells and module — for generating electricity from sunlight — manufacturing facility with an installed capacity of 80 MW. The initial outlay will be around $58 million and IFC is considering an investment of $22.5 million `A' loan to support the project. According to Mr Yogesh Mathur, Group Chief Financial Officer, Moser Baer India, the IFC has done due diligence for a $22-million funding of PV cell/module manufacturing project. The project is located in a special economic zone adjacent to Moser Baer's existing plant in the New Okhla Industrial Development Area industrial estate in Uttar Pradesh, 27 km from Delhi. The first phase of 40 MW is expected to go into trial production in the next couple of months, he said. IFC, an existing shareholder in Moser Baer, funded the company in 2000. Electricity can be produced from sunlight through a process called photovoltaics (PV) — `Photo' refers to light and `voltaic' to voltage. The term describes a solid-state electronic cell that produces direct current electrical energy from the radiant energy of the sun. PV cells are made of semi-conducting material, most commonly silicon, coated with special additives. Tens of thousands of solar home systems are already in service in Indonesia and the Dominican Republic, and numerous PV refrigerators and water pumping systems have been installed in Africa, according to the International Energy Agency's Photovoltaic Power Systems Programme.
Growth potential
According to Moser Baer, the PV space is expected to grow five-fold to a global market size of Rs 135,000 crore ($30 billion) by 2010. In 2004, the global market for PV energy was 1,195 MW with Japan and Europe contributing to over 60 per cent of this, while grid-connected PV systems accounted for over 70 per cent of the total market. India also offers large potential demand for PV, expected to be in excess of 1,000 MW by year 2010. India, with over 5.5-6 hours of sunlight per day — amongst the highest in the world — should emerge as a key market for Moser Baer, offering potential for low-cost energy from PV systems.
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