October 07, 2008

NEPC India plans to raise USD150 million for expansion

BS reported that NEPC India is all set to embark on a major expansion drive in the solar energy sector and is proposing to raise USD 150 million by way of foreign currency convertible bonds and global depository receipts to fund its expansion activities.

As per report, NEPC board has resolved to call an extra ordinary general meeting of its members on December 24th 2007 regarding the proposed foreign currency convertible bonds and global depository receipts issue and to obtain approval of the members for the proposed increase in the authorized share capital of the company from the existing INR 150 crore.

NEPC plans foray into solar photo voltaic modules and power plant and is proposing to establish a state of the art production facility to manufacture thin film solar photo voltaic modules, considered to be an advanced technology to generate cost-effective power, and cater to the high demand for solar PV modules all over the world. Its solar power system has been able to garner a 30% market share in northern India and is now proposing to expand into the southern region as well.