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India: Indosolar raises INR 3.5 billion to establish new solar cell production line

India-based IndoSolar Limited has announced it is to add a new 100-megawatt (MW) production line to its 300,000 square foot solar cell facility - located around 55km from Delhi airport, in northern India's Uttar Pradesh state - after raising INR 3.5 billion in public financing.

The company currently has two polycrystalline cell manufacturing lines. Image: IndoSolar.

This expansion, said the company, will make it the largest solar cell manufacturer in India. Machinery and technology have been supplied by Schmid GmbH on a turnkey basis.

At present, the company has two polycrystalline cell manufacturing lines with an aggregate annual manufacturing capacity of 160 MW. The facility, however, could accommodate a maximum of four productions lines in the future, with a peak production capacity of 460 MW annually.

Under the government's Special Incentive Package Scheme, the company is entitled to receive a 25 per cent capital subsidy on its investments. In addition, its manufacturing facility in Greater Noida has been granted 'Export-Oriented Unit' status and is eligible to enjoy certain benefits, such as a 15 year tax break and concessional import duty on equipment.