Suntech Power Holdings has signed a $150m contract with SunBorne Energy for the supply of 100 MW solar panels for solar PV projects in India, over the next two years.
Under the terms of the agreement, Suntech will supply 280W polycrystalline modules for Indian solar PV projects and SunBorne will provide services including design, installation and commissioning of the power plants.
The agreement includes an initial order of 10 MW for a project in Gujarat, India.
SunBorne is developing utility scale solution plants in Gujarat, Rajasthan and Andhra Pradesh with other states in the pipeline.
The SBI Capital Markets will provide $34m towards developing SunBorne’s first power plant in India.
The central government’s National Solar Mission initiative, under which it plans to install a 20GW solar project which includes 2,000MW of off-grid solar applications including 20 million solar lights which is expected to be complete by 2022.
SunBorne is also planning a 5MW power project in the state of Rajasthan. The company plans to install 500MW of solar PV generation capacity by 2015, reports Reuters.