Moser Baer India has acquired 40 per cent equity stake in Slovenia-based Solarvalue Proizvodnja from Germany based Solarvalue AG for an undisclosed amount, giving it an assured supply of solar grade silicon for its photo voltaic business.
Moser Baer India's wholly owned subsidiary Moser Baer Photo Voltaic (MBPV) acquired the strategic stake from Solarvalue AG which currently owns the Slovenian firm, Moser Baer India informed the Bombay Stock Exchange.
"Given the global demand-supply imbalance of silicon, the acquisition will help MBPV to have an assured supply of high grade solar grade silicon and aid in its objective of becoming a significant player in the photo voltaic space," the company said.
Solarvalue Proizvodnja plans to set up a capacity of 4,400 tonnes of solar grade silicon by end 2008, it added.
The first phase of the 80MW crystalline silicon plant of MBPV has already commenced trial production and is well on its way to commence commercial production in April.
Commenting on the development, MBPV CEO Ravi Khanna said: "We will help Solarvalue Proizvodnja to augment its silicon production plant capabilities at Ruse in Slovenia."
MBPV plans to make the solar power generation business by manufacturing solar cells and modules, is targeting an annual capacity of 80 MW in Phase I. The initial project cost is estimated to be Rs 260 crore ($58 million), with Moser Baer investing Rs 112 crore ($25 million) in the new venture.
MBPV has already made significant equity investments in companies that focus on photovoltaic technology like US-based Solaria, SolFocus Inc, and Stion Corporation.