Titan Energy Systems and Enfinity To Develop, Finance And Construct 1 GWp of PV Installations In Andhra Pradesh, India.

9th November 2009: Official announcement at Solarcon 2009 – Hyderabad, India in presence of Shri K. Rosaiah, Chief Minister of Andhra Pradesh and Shri. Kanna Lakshmi Narayana, Minister for Major Industries Commerce & Export Promotion Food Processing of Andhra Pradesh.

Titan Energy Systems, a leading Indian Module Manufacturing and Turnkey Solar Power Plant EPC company and Enfinity, a global renewable energy developer, today announced their collaboration on developing, financing and constructing 1 GWp of PV installations on 3000 acres of land in Andhra Pradesh in the coming 5 years.

Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC - a Government of Andhra Pradesh undertaking) has allocated to Titan Energy Systems, in long lease, 3000 acres of land in the villages of Thumalla, Dademavaripalli, Pulikuntapalli, Karimireddypalli and Lokogipalli, and at the industrial park of Amadugur near Kadiri, all in Anantapur District in the state Andhra Pradesh.

Enfinity will develop and finance this project while Titan Energy Systems will act as a contractor and supplier of the PV Modules. Enfinity and Titan will for this purpose establish an SPV (Special Purpose Vehicle).

“This collaboration is of major strategic importance in the further development of our activities in the high potential PV market in India”, said Gino Van Neer, Founder of Enfinity and CEO of Enfinity Asia.

"Receiving the allotment letter for 1GWp solar power plant from APIIC is a testimony of Titan's ability and competency in establishing large utility scale solar power plants. Our SPV with Enfinity would be the right vehicle in implementing such large projects”, commented Sankar Rao, Managing Director of Titan Energy Systems.

National Solar Mission shows huge PV potential

Further to India’s National Action Plan of Climate Change dated June 30, 2008 a National Solar Plan is expected to come into force in November 2009. By the plan India is preparing to elbow its way toward the head of the solar class. The government has set a solar goal of 20GW by 2020, 100GW by 2030 and 200GW by 2050.

The country’s rapidly rising primary energy and electricity needs, the persistent energy deficit situation, the country’s overdependence on coal for electricity generation and the exceptional irradiation with most parts of the country enjoying 300 sunny days a year, make PV particularly attractive to the country’s energy strategy.

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 Enfinity N.V:
Enfinity N.V. is established in Waregem (Belgium), and is a fast-growing and ambitious company with international activities in renewable energy. As a project specialist, Enfinity ensures the implementation of solar energy power plants, and is today already present in twelve countries including Belgium, Italy, Spain, France, Greece, the US, Canada and Germany. In order to finance these energy projects, Enfinity works with individual project companies whose financial means are provided by equity investors and banks. Enfinity is in the process of developing, building and financing PV projects with a total capacity of more than 145 MW and is planning to initiate several hundred megawatts through 2010.

At this time, Enfinity is focusing on solar energy based on photovoltaic technology but the company also has concrete plans for entering the wind energy field. The founders of the company are Gino Van Neer and Patrick Decuyper with the support of ‘business angel’ Marc
Dewaele.

In 2009, Enfinity has consolidated its international position with a 50 million Euro investment
by investment firm Waterland.