New Delhi: Betting big on the solar power market, Moser Baer India is hiring 400 people for its photovoltaic arm. The company expands its footprint in the European markets and forays into the U.S.

"We are looking at expanding our presence in the European market and are looking at Czechoslovakia, Bulgaria and France in the next fiscal. Apart from the European market, we also plan to enter the U.S. market," Moser Baer Photovoltaic (MBPV) Chief Executive Officer Rajiv Arya said.

According to Arya, the company is already exporting to Germany, the world's biggest solar power market and Spain. It will increase its headcount to 1,000-1,200 over the next few years.

Moser Baer Group Chief Financial Officer Yogesh B Mathur said, "With this expansion, we expect to have about 1,000-1,200 people over the next few years."

Though solar energy comprises a small portion of the overall energy market, the segment is growing at about a CAGR of 50 per cent and is estimated to be worth about $ 90 billion by 2010, according to a Photon Consulting study.

"We currently have a capacity of 125 MW and plan to take it to one GW (1,000 MW) by 2010. We have already invested USD 40 million last year in the PV business," he said.