Moser Baer to invest $5 Billion in solar power

By siliconindia   |   Wednesday, 11 November 2009, 02:15 Hrs   |    1 Comments
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New Delhi: Moser Baer Photovoltaic, an arm of Moser Baer India, is planning to invest $5 billion over the next 10 years to expand its solar photovoltaic manufacturing facilities in Chennai and Hyderabad. Delhi-based company aims exciting opportunities in solar energy. Deepak Puri, Chairman and Managing Director, Moser Baer said, "Fresh fund-raising for the business could be considered next year. There are no plans as of now but we shall raise funds in the second and third quarters of next year." Solar energy is expected to be a $250 billion global business by the year 2020. Last year, Moser Baer Photovoltaic raised more than 400 crore from a clutch of global private equity investors such as Nomura, CDC Group, Credit Suisse, Morgan Stanley and IDFC Private Equity. The company is also planning to expand its solar energy facility at Greater Noida, but this has been delayed by the economic downturn that started last year. "At present we are going slow. The investment is for a longer duration," said Puri.