Mumbai: Tata BP Solar, a joint venture between Tata Power and BP Solar, has signed an agreement with Calyon Bank (Credit Agricole CIB) and BNP Paribas to raise $78 million (Rs.3.1 billion) to fund its 128 MW solar cell expansion project.

The project, located in Bangalore, is in an advanced stage of implementation, eventually totalling 180 MW solar cell manufacturing capacity. The current production line's manufacturing capacity is some 50 MW per annum.

Tata BP, India's leading solar photovoltaic and solar water heater manufacturer, delivers products and solutions that serve both the Indian and global markets, earning substantial foreign exchange earnings for India while also increasing product supply locally.

During 2006-07, Tata BP achieved $164.3 million (Rs.6.7 billion) sales revenue and is poised to exceed $208.7 million during 2007-08.

Syamal Gupta, chairman of Tata BP said: "We are pleased to be joining hands with players in the banking sector to help us continue to supply to the global market."

India's growing solar market currently consumes about 1 percent of the world's photovoltaic products.