Titan enters into supply agreement with Suniva, Atlanta, USA valued more than USD$480 Million

22nd August 2008: U.S.-based Suniva to Supply Solar Cells to Major Indian Solar Module Producer – Titan

Suniva Inc., a manufacturer of high value crystalline silicon solar cells, has entered into a long-term supply contract with Titan Energy Systems Ltd, one of India’s largest and longest-standing manufacturers of solar modules and specialty photovoltaic (PV) products. Suniva will produce more than USD$480 million worth of high-efficiency monocrysalline silicon solar cells to be used in Titan’s highest efficiency product lines. The contract is structured as a take-or-pay agreement lasting through 2013.

“Suniva’s optimized solar cells fit well with Titan’s high-efficiency module application platform, and this agreement allows us to diversify our quality supply chain,” said Mr. Rao SYS Chodagam, Managing Director of Titan. “In addition, we look forward to a solid collaboration with Suniva’s exceptional technical team.”

Suniva’s new high-volume manufacturing center is located in metro Atlanta, and the company is scheduled to begin shipments from its first 32 megawatt (MW) line during the fourth quarter of this year. The facility will add more than 130 MW of additional capacity over the next two years to meet demand from Titan, Solon AG and other customers.

“As Suniva expands its international presence in Europe and Asia, we are happy to establish this relationship with Titan, one of the world’s highest quality solar module manufacturers,” Suniva CEO John Baumstark said. “While Suniva continues to execute on our partnership and sales strategies, this agreement builds out our customer base so that we can deliver high-efficiency, low-cost cells to the preeminent module manufacturers across the globe.”

About TITAN:
TITAN is a pioneer in the design, development and manufacturing of solar photovoltaic modules ranging from 2Wp to 300Wp. Established in 1991, it has established international credibility in the manufacture of solar modules. Specifically for the Indian market, in addition to manufacturing and sales of marketing the solar modules, TITAN also undertakes design, construction, operation and maintenance of grid-connected and off-grid solar systems on 'turnkey' basis for end customers.

TITAN has established a quality management system to meet the ISO 9001-2008 standards. TITAN’s modules are certified to meet the performance as per international standards: IEC 61215:2005 and for safety as per IEC 61730-2 by TÜV, Germany and UL 1703-Third Edition by UL, USA.

TITAN currently operates a manufacturing capacity of 100 MW and is expanding significantly its module production to achieve manufacturing capacity of 500 MW. TITAN is the first company in India to install and operate MW-Scale Grid connected Solar Power Plants.

About West Bengal Green Energy Corporation Ltd.:
West Bengal Green Energy Corporation Ltd. (WBGEDCL), a government of West Bengal company, is new company formed by the State of West Bengal to promote grid-connected solar PV power plants. The State of West Bengal is well ahead in deployment of solar photovoltaic in the country. The country’s total solar power installation is 2.5 MW. The state of West Bengal has already installed small solar PV plants with a total capacity of more than 1 MW. About 150000 solar power systems are functioning in the state out of 450000 in the whole country. The state has declared a policy for roof top solar PV and feed in tariff for the first time in the country. A solar housing complex has recently been completed. The state has also decided to install 20 MW solar PV power plants by the year 2009 and 50 MW by the year 2010.