Suniva signs $480 million deal with India's Titan Energy

Atlanta, Ga-based Suniva said today it will supply solar cells to India's Titan Energy Systems in a deal worth $480 million USD.

The agreement through 2013 will supply Titan with crystalline solar cells, which the Indian manufacturer intends to use for solar modules and specialty photovoltaic products.

It's the second sizeable international deal for Suniva this month. On Aug. 6, Suniva announced a $500 million deal with Germany's Solon (see Suniva, Solon in $500M supply deal).

Suniva says it will maufacture the solar cells in its Atlanta facility, which is to have an initial capacity of 32 megawatts when it begins shipping in the fourth quarter. The company plans to add 130 megawatts of capacity in the next two years.

“As Suniva expands its international presence in Europe and Asia, we are happy to establish this relationship with Titan,” said Suniva CEO John Baumstark.

Suniva raised $50 million in February in its second round of funding (see More solar heads to market).

Titan's manufacturing center in Hyderabad, India, has an installed moduling capacity of 50 megawatts. The company says it will quadruple the facility's capacity by year's end. Titan, which primarily sells products in Europe and North America, also supplies customers in Africa, Asia, Australia and India.

“This agreement allows us to diversify our quality supply chain,” said Rao S.Y.S. Chodagam, managing director of Titan.

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