The facility in Hyderbad will be the company’s second manufacturing facility in Southern India.
The Andhra Pradesh government in India handed over letter of allotment of 100 acres land to Rajiv Arya, chief executive officer, MBPV Ltd. during the SolarCon India 2009 conference and exhibition in Hyderabad.
In 2008, the company signed a memorandum of understanding with Tamil Nadu government to establish a $450 million facility to manufacture silicon-based PV film modules near Chennai. But the project has been delayed due to liquidity constraints resulting from global demand slowdown. The company has already been allotted 120 acres and it has sought a further 130 acres, for future expansion.
Already, the company raised $100 million in 2007 from a consortium of investors led by IDFC Private Equity, GIC Special Investments, CDC Group plc and Infrastructure Development Finance Company. In 2008, MBPV raised $92.5 million fom another consortium that includes Japan’s Nomura, UK’s CDC Group, diluting a 6.5% stake in the PV arm which put its value at $1.4 billion.
