Tata Power Solar to supply modules to the L N Bangur Group for 10 MW project

The project being built under DCR will come up at Rajasthan.

Bangalore, India September 17, 2014

Tata Power Solar (TPS), one of the pioneering solar manufacturers in the world, today announced that it has won a significant DCR order under JNNSM phase-2 batch-1. The company will supply the entire module requirement for the 10 MW project to be built by Palimarwar Solar Project Private Limited in Rajasthan which belongs to the L N BANGUR Group and is held under under its renewable energy arm, LNB Renewable Energy (Pvt) Ltd. The 45,000 modules needed for the project will be manufactured at Tata Power Solar' state-of-the-art manufacturing facility in Bangalore.

Tata Power Solar was jointly selected by Palimarwar Solar Projects, of the L N BANGUR Group, and IBC Solar after a rigorous evaluation process. Palimarwar Solar Projects is part of the L N Bangur Group - a leading diversified business conglomerate in India, while IBC Solar is a leading global solar EPC company based out of Germany.

Speaking on the announcement, Rahul Budhwar, Vice President - Manufacturing and Business Development, Tata Power Solar said, "We are very happy to be part of this project and thank LNB Renewable Energy for selecting us. Over the past 25 years, we have built some of the best manufacturing capabilities and offer world-class cells and modules at globally competitive prices, thus putting us in a critical position to contribute to the success of JNNSM."

Commenting on the project, Shreeyash Bangur, Director, L N BANGUR Group, said "We have already commissioned our first project in Bhadla in the Rajasthan Solar Park for 5.5 MW this month. We are bullish on the solar industry and aim to play a significant role in India's solar journey. We therefore look to partner with companies who bring tremendous value in the form of quality and performance. Tata Power Solar is one of the most trustworthy and experienced suppliers capable of supplying world-class modules. They were therefore our primary choice for procuring domestically manufactured modules."

Tata Power Solar had recently announced a 60% increase in module manufacturing capacity, and the Bangalore facility now has 200 MW module production capacity. It has an on-field performance history with less than 0.06% warranty claims, and a 25 year history which gives the developers the confidence that the company will service the 25 years long warranty period. It is also the only company in India whose modules are rated as Tier 1 in Bankability by GTM Research, a globally recognized PV market research firm.

Under the Domestic Content Requirement (DCR) policy of MNRE for the phase-2 of JNNSM a total of 375MW of solar power plants have to be built using domestically produced cells and modules. The initiative is aimed at promoting manufacturing in the country.

About Tata Power Solar:

Tata Power Solar (TPS), with 25 years of deep domain expertise, is one of the pioneering solar manufacturers in the world and India's largest specialized EPC player. Founded in 1989 and headquartered in Bangalore, TPS is a 100% subsidiary of Tata Power Limited. The company was originally formed as a joint venture between Tata Power and BP Solar.

As one of the largest solar manufacturers in India, TPS operates three world-class manufacturing units in Bangalore, with a production capacity of 200MW of modules and 180MW of cells. It has completed more than 160MW of ground-mount utility scale and 40MW of rooftop and distributed generation projects across the country as of FY14. It also offers a diverse line of solar products for both urban and rural markets – these include water heaters, home lighting, street lighting, power packs, and water pumps among others. TPS is committed to enabling solar everywhere and aims to provide energy access to millions of people across the country via its integrated solar solutions. For more information, visit http://www.tatapowersolar.com.

About LNB Renewable Energy:

LNB Renewable Energy is a venture focused towards LN Bangur Group's green initiatives. The Company develops solar farms and invests in wind energy assets. LNB Renewable currently has close to 50 MW operational wind power projects and a 5.5 MW operational solar project in Rajasthan and also plans to participate in various National and State solar programs.

LNB Renewable plans to commission 100 MW of wind and solar projects over the next 2 years across India. The Company partners with leading global solution providers in both wind and solar energy for enhancing it's capacity requirements. For more information please visit: http://www.lnbgroup.com

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