Moser Baer bags $500mn European order

New Delhi, Oct 1: Moser Baer India Ltd, an optical storage maker received orders worth 500 million dollars to supply solar modules in Europe. The European customers include Ralos Vertriebs, one of the Europe's largest system integrators, and Colexon Energy, a leading international player in commercial photovoltaic plants, the company said in a statement.

The orders include supply of amorphous silicon Gen 8.5 thin film panels by PV Technologies India Ltd, Moser Baer's photovoltaic subsidiary, up to the year 2012. The agreement terms include fixed price take or pay obligations secured by bank guarantees, it said in a statement. ''This is a significant step forward in developing long term strategic relationships with top tier players in the sector, as well as securing revenues and cash flows for the business,'' Moser Baer Group Chief Financial Officer Yogesh Mathur said.

Moser Baer had recently announced raising about Rs 415 crore through a consortium of private equity investors to fund the growth of its solar photovoltaic business.

In all, the wholly-owned photovoltaic subsidiary of the company has raised about Rs 800 crore of private equity funding.

UNI