$US 100 MILLION INVESTMENT TO CREATE SOLAR MEGA PLANT IN BANGALORE TO MEET DEMANDS OF INDIAN AND GLOBAL SOLAR PV MARKETS

21 March 2007

Today at the inauguration of a new 36MW solar photovoltaic (PV) production line, the board of Tata BP Solar confirmed that this represents another step towards realizing the designed potential of the 300MW plant. The new production line has seen TBPS more than double its cell manufacturing capacity to reach some 50MW per annum. The next phase of the expansion will see an additional 128MW of cell manufacturing capacity added during 2007-8.

As well as the cell manufacturing capacity increase, the Tata BP Solar board has also approved investment which will double the facility’s module manufacturing capacity from 45MW to 85MW by end 2007.

The Tata BP Solar board expects the total investment required to achieve the plant’s full designed potential of 300MW to be in the order of US$300 million by 2010, generating a sizable number of jobs directly and many more indirectly. This investment will ensure Tata BP Solar, already a leader in cell manufacture and the design of solar solutions, retains its position as the largest manufacturer of solar PV products in the Indian sub-continent.

“This announcement confirms our commitment to maintaining market leadership by developing sustainable clean energy activities in India underpinned by world-class manufacturing,” said Syamal Gupta, Chairman, Tata BP Solar. “We have already established solid manufacturing, design, delivery and marketing capabilities. We will now continue to meet the demands of Indian and global solar PV markets.”

“The Tata BP Solar team is dynamic, skilled and experienced. We are proud of its excellent track record in safety and performance delivery,” said Lee Edwards, CEO, BP Solar. “We are confident that Tata BP Solar will continue to deliver high quality products and services to diverse markets in both rural and urban areas. The talent and dedication of the Bangalore team will help us realise our vision of offering customers solar PV-generated electricity at prices on a par with conventional electricity supply.”

The state-of-the-art technology, developed by BP Solar and manufactured by Tata BP Solar, will deliver products and solutions that serve both the Indian and global markets, earning substantial foreign exchange earnings for India while also increasing product supply locally.