Solar energy major Moser Baer plans to invest $500-600 million over the next three to four years to expand its manufacturing capacity of crystalline cells and crystalline silicon modules in India.
“Considering the huge potential in the solar power sector, both in the global as well as Indian markets, we have planned a capex of $500-600 million over the next three to four years,” Moser Baer India's Group CFO Yogesh Mathur said.
The company plans to raise the funds through a combination of debt, equity and internal accruals. At present, the production capacity of the company includes 90 MW of crystalline cells, 100 MW crystalline modules and 50 MW of thin films.
“In the initial phase, we plan to double our capacity of silicon modules. Later we plan to expand the capacity of our thin film module to around 150 MW by 2012-13,” Mathur said.
Thin film modules are best suited for meeting the solar power demand of the Indian market, he added.
The company is looking at setting up manufacturing plants in Chennai. “We have 100 acres of land there. If we run out of space or cannot expand our capacity in Greater Noida, we will set up our plants in Chennai,” he said.
The launch of NSM and other policy initiatives taken by several State Governments have set the stage for large-scale production of grid-connected solar power in India, he said.
The company also has plans to go public in the coming years, Mathur said.
“We plan to come out with an IPO in the coming years. But this will depend on the policy initiatives of the Government and further traction and advancement of implementation of solar projects, which will take shape in the next few quarters," he said.