Signet Solar to infuse $2 bln for photovoltaic plants in India

New Delhi, June 7 (UNI) US-based thin-film silicon solar photovoltaic modules manufacturer Signet Solar today said it will invest two billion dollars to build three solar photovoltaic (PV) plants in India with an annual combined output of 900 MW.

''The construction of the first plant will begin by early 2008,'' Signet Solar Chairman and Founder Prabhu Goel told reporters here, without giving details on the possible location for the plants.

The overall investment will be spread over a period of 10 years and will produce over one gigawatt (GW) of annual output for exports and the domestic market, Mr Goel added.

''The project will be funded by public, private and through incentives,'' company's Founder and CEO Rajeeva Lahiri said.

He said the company will set up R&D centre in the country which will develop and implement innovative product designs, manufacturing methods and help bringing down the overall cost of energy.

To attract investments in the semiconductors and other hi-tech areas, Department of Information Technology recently announced special incentive package under which the government will provide equity and capital subsidy of 20 per cent of the total investment.

Speaking on the occasion, Minister of Communication and Information Technology (IT) A Raja said, ''The announcement by Signet Solar to expand its production capacity will greatly contribute to our plans to accelerate semiconductor and information technology hardware manufacturing in India.

Combined with the highly skilled manpower and knowledge workforce, India has an opportunity to be a leader in using technology to address pressing global energy needs, the minister added.

UNI