Signet Solar signs MoU with Govt for first site in TN

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Chennai, Mar 17 (UNI) Signet Solar Inc, a manufacturer of silicon thin film photovoltaic (PV) modules, today signed an Memorandum of Understanding (MoU) with Tamil Nadu government to set up its first manufacturing site at Sriperumbudur near here at an investment of Rs 2000 crore.

The MoU was signed by Industries Secretary M F Farooqui and Company Chairman Prabhu Goel at the Secretariat in the presence of Chief Minister M Karunanidhi. Technology and manufacturing knowhow would be transferred from Signet's German operations, company Founder and Chairman Dr Goel told newspersons.

This would generat 4000 direct and indirect jobs, he said.

''The construction of the 300 MW state-of-the-art plant is expected to begin later this year'', he added.

Dr Goel said Signet Solar's decision to expand manufacturing in India follows more than 400 million US dollars in advance orders for the first three years of production.

''The German plant, scheduled to start production by Q3 2008 will have a total annual production capacity of 60 MW'', he said, adding ''additional production lines will be added to increase manufacturing capacity to over 100 MW in Germany by 2010''.

He said Signet has already presold the entire capacity of its German plant for the next three years.

''Additionally, our customers are demanding multifold increaes in our capacity, for which they are willing to purchaes solar photovoltaic modules under advanced contracts'', he said.

''To meet this strong and sustained demand we plan to expand our manufacturing in Germany and as well as in Chennai'', he added.

Mr Goel pointed out that Chennai would be the company's next major manufacturing site with planned capacity of over 300 MW of solar panels produced each year.


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