The Hindu Business Line : Titan Energy plans Rs 900-cr solar cell plant

Hyderabad, Oct. 12 Solar photovoltaic module manufacturer Titan Energy Systems Ltd has sewn up plans to set up a Rs 900-crore project for fuel cell and wafer line assembly that complements the company’s business.

This is in addition to the ongoing expansion project that enables the company to scale-up the current manufacturing capacity of 50 MW to 150 MW, now underway and poised for completion by middle of 2008.

The Managing Director of Titan Energy, Mr Rao S.Y.S. Chodagam, told Business Line that the company was in talks with the State Government for a 50-acre site for the greenfield unit planned in the proposed Fab City project.

This will entitle the company to certain benefits, including special economic zone status.

Mr Rao said that the company established in 1990, with a manufacturing base at Medchal near Hyderabad, was now in the process of expanding the capacity from 30,000 sq.ft to1,50,000 sq.ft, slated to be completed by June 2008.

The company has committed supplies to the US and Europe, and now has an order book of Rs 1,000 crore. The ramp- up is aimed at catering to the new order book and automating the solar panel assembly line that would help in capacity addition.

Providing details of the order, Mr Rao said “typically each MW costs about $4 million and we have an order book of $130 million from Europe alone.”

“The market for photovoltaic panels and cells was poised for growth not just globally but in the domestic market too. Based on the ongoing expansion plans, we are also looking at catering to the domestic market,” he said. “The new project would be part-financed by funding from private equity and bank loans. We are in negotiations with some PE firms and expect to close this by December,” he said.

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