XL Telecom gets orders for solar panels

XL Telecom & Energy Ltd has announced that the Company has received fresh ORDERS VALUED OVER Rs 658 Millions for Export of Solar Panels to EU.

SOLAR ENERGY

Company has been focusing in the NON CONVENTIONAL ENERGY sector since 1994 and has recently refocused on Export Market of Solar Panels of higher Capacity for niche Grid Connected Segment. Company has been investing heavily over the last 18 months in its efforts to get orders from Europe and emerging US Market for its products.

The Company has been successful in securing additional orders worth Rs 658 Million for the supply of 40 MW Solar Panels to the EU, and the customer a large Power Utility Company in Europe.

The Company has recently executed 1 MW Solar Panel orders valued over Rs 16 Crores in the Quarter ending September 30, 2007.

The Total Pending Order Book for the Export of Solar Panels with this Order stands at Rs 2.635 Billions which is equal to 16 MW Solar Panels. The Company is bullish on entering as a vendor with this large Power Utility Company and is confident that over the period the Customer engagement will be extremely fruitful with multiple repeat orders. The Company is working smooth execution of these orders with in the financial year ending of June 30, 2008.

Company has recently concluded its FCCB Issue and has raised about US$ 40 Millions for part funding its establishing of 120 MW Solar Cell Manufacturing Plant along with Expansion of Module Making capacity by another 40 MW fully automated plant in the SEZ with a total CAPEX of US$75 Million or Rs 3 Billions.