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US solar firm to invest $2 billion in India

US-based Signet Solar Inc., which makes devices that convert solar energy into electricity announced on Thursday that it would invest more than $2 billion over the next 10 years to establish manufacturing facilities in India.

The construction of the first of the three manufacturing facilities would start by 2008 and each unit would have an annual output of about 300 megawatts, company CEO Rajeeva Lahiri told reporters in New Delhi. „We will invest $2 billion over a period of 10 years and produce over one gigawatt of annual output for export and the Indian market,” Lahri said. Signet designs and manufactures thin-film silicon Photovoltaic (PV) modules. These are devices that convert the sun's rays into electricity for applications such as solar farms and rural electrification. (monstersandcritics.com)