Hyderabad-based Solar Semiconductor Private Limited (SSPL), (Hari Surapaneni, President & CEO) a rapidly growing producer of photovoltaic (PV) modules, has entered into a partnership with IBC Solar AG of Germany for supply of its products worth $575 million (Rs 2,300 crore) over a period of next three years. IBC is a distributor and systems integrator of solar PV products in Europe.
Following this partnership, SSPL is expecting to post a turnover of $300 million (Rs 1,200 crore) in the financial year ending December 2008. SSPL had started commercial operations in September 2007 and did a business of $10 million (Rs 40 crore) during the four-month operations last year. At present, the company’s order book position is full for the next three years, SSPL chief executive officer and president, Hari R Surapaneni, said.
IBC has been growing rapidly in the recent years and needs a stable supplier of high-quality modules. “In Solar Semiconductor, we have found a strong partner willing to listen and respond to varying requirements of our customers,” IBC vice-president (purchasing and product management ), Christian Lieberth, said.
Stating that the strategic partnership was mutually beneficial, Surapaneni said the company was actively considering setting up a manufacturing facility in Europe, most likely in Germany, in the next 15 months.
Apart from expanding the installed capacity of its Hyderabad plant from 50Mw to 200Mw by this year-end at a cost of $100 million (Rs 400 crore), SSPL has lined up investment to the tune of $300 million (Rs 1,200 crore) to fund its expansion plans worldwide this year.
According to Surapaneni, SSPL would be investing Rs 4,400 crore over the next 10 years for expanding the capacity of its existing manufacturing facilities in India. It is planning to come out with an initial public offering for this purpose next year.
SSPL recently appointed Perry G Hayes as its chief financial officer. Prior to this appointment, Hayes was senior vice-president- investor relations and treasurer of US-based global electronics manufacturer, Solectron Corporation.