Signet Solar’s decision to expand manufacturing in India follows more than $400 million in advance orders for the first three years of production.
Signet Solar chose to locate its next manufacturing site in India because of the attractive incentives offered by the government, including the semiconductor policy initiative and because of the strong emerging demand for renewable energy in India.
The firm’s German plant, scheduled to start production by the third quarter of 2008, will have a total annual production capacity of 60MW. Additional production lines will be added to increase manufacturing capacity to over 100MW in Germany by 2010.
Rajeeva Lahri, CEO and founder of Signet Solar, said: We are on schedule to start shipping products from our Dresden, Germany, manufacturing plant by the third quarter of 2008 and plan to begin shipments from India by 2010, with a goal of achieving grid parity pricing within the next five years.
