Under the terms, First Solar will deliver 40 MW of its thin film modules to Reliance Power, an independent power producer operating in India, by the end of the year. The remaining 60 MW, meanwhile, are expected to be delivered in 2012.
The first 40 MW will be used in Reliances photovoltaic project in Jaisalmer, Rajasthan. The generated power is expected to help meet Mumbais energy demand.
At the end of August, the U.S. Export-Import Bank reportedly approved an $84.3 million direct loan to Reliance Power’s Dahanu Solar Power Pvt. unit to purchase the 40 MW.
According to a statement released, the supply agreement is said to be the largest of its kind in India.
Jim Brown, president of First Solar’s Utility Systems Business Group commented, "With strong growth projections, India is expected to become one of the world’s major solar markets, due to its abundant solar resource and significant energy demand.
"This agreement with Reliance Power continues First Solar’s momentum in India, helping develop the country’s long-term, sustainable solar market."