Moser Baer to supply solar modules in Europe

NEW DELHI, INDIA: Moser Baer India Limited, the global technology company, has entered into definitive agreements to supply solar modules to major European solar system integrators.

The agreements, with a cumulative value of more than $500 million, envisage supply of amorphous silicon Gen 8.5 thin film panels by PV Technologies India Limited, Moser Baer’s photovoltaic subsidiary, till 2012.

The customers include Ralos Vertriebs, one of Europe’s largest system integrators, and Colexon Energy, a leading player internationally in commercial photovoltaic plants. The agreement terms include fixed price take or pay obligations, fully secured by bank guarantee/L/Cs from international banks, said a press release.

Ravi Khanna, CEO, Moser Baer Photovoltaic Limited, said, “The signing of these key customer contracts is further indication of the rapid growth of our PV business and the faith of our customers in the thin film technology. The company is pursuing a differentiated strategy in this high growth business and we are poised to be a global leader in solar PV.”

“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,” said Yogesh Mathur, group chief financial officer of Moser Baer.

The company has recently announced raising over Rs 415 crore ($93.5 million) through a consortium of private equity investors to fund the ambitious growth of its solar photovoltaic business.

In all, the wholly owned photovoltaic subsidiary has raised well over Rs 800 crore ($193.5 million) of private equity funding, the release added.