SS-IBC Solar AG in Rs 2300-cr partnership

Hyderabad, Mar 27 (UNI) Solar Semiconductor (SS), a Hyderabad-based manufacturer of Solar Photovoltaic (PV) modules today said it has entered into a partnership with IBC Solar AG, a global solar PV power leader for Rs 2300 crore (USD 575 million ) over the next three years.

SS, producer of high quality PV modules with strong presence in European and other international markets, plans to invest USD 100 million in 2008 to ramp up its production to 200 MW from 50 MW now to meet the demand of its German Systems Integrator, Company CEO and President Hari R Surapaneni said.

''The company's facility at Kompally has 50 MW capacity and its latest PV panel making unit at the Fab City near here will go into the stream by July 2008. The company plans to infuse USD 30 million as capital equity and raise another USD 70 million in debt to finance its expansion.'' Since September 2007, the company, which had sales of USD 10 million from its Kompally plant, had set a target of USD 300 million sales in 2008.

With both facilities on stream, the company would have USD 700 million revenue in 2009.

The company announced appointment of Perry G Hayes, an expert on international corporate finance, IPO and M&A activities.

It plans to enter the market with IPO sometime in 2009.

UNI DB JJ 1715