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March 21, 2008
Menlo
Park, CA, USA: Signet Solar Expands Manufacturing Capacity with
Indian Thin Film Plant
Signet
Solar, a manufacturer of silicon thin film photovoltaic modules
said this week, the company plans to locate its second manufacturing
site in the Sriperembudur Special Economic Zone near Chennai,
India. Signet Solar’s decision to expand manufacturing in India
follows more than $400 million in advance orders for the first
three years of production.
The
initial German plant, scheduled to start production by Q3 2008,
will have a total annual production capacity of 60 MW. Additional
production lines will be added to increase manufacturing capacity
to over 100 MW in Germany by 2010.
"We
are on schedule to start shipping products from our Dresden, Germany
manufacturing plant by Q3 2008 and plan to begin shipments from
India by 2010, with a goal of achieving grid parity pricing within
the next five years," said Rajeeva Lahri, CEO and Founder of Signet
Solar. "We have strong demand in Europe and the US and are pleased
that our customers have shown confidence in our engineering capabilities
and our global strategy to produce high quality modules on a large
scale."
Signet
Solar chose to locate its next manufacturing site in India because
of the attractive incentives offered by the Government, including
the recently announced semiconductor policy initiative and because
of the strong emerging demand for renewable energy in India. Chennai,
a port city in southern India, is a growing manufacturing center
with well-developed infrastructure, world-class educational institutions
and a large pool of engineering talent.
"We
are pleased that global companies are responding to the new national
policy on semiconductors," said A. Raja, Honorable Minister of
Information Technology and Communications. "Signet Solar’s state-of-the-art
photovoltaic technology will play an important role in building
nano-manufacturing infrastructure in India and deliver clean energy
for sustainable, environmentally friendly growth."
Further details about: Signet
Solar
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