California-based Signet Solar is planning to invest $2 billion to set-up three photovoltaic manufacturing facilities (or fabs as they are called in the semiconductor parlance) for production of thin film solar modules for clean renewable energy.

The construction of its first manufacturing plant in India, likely to be located within an SEZ, will begin by early 2008. Each manufacturing facility will have an annual output of 300 MW, and the company expects to employ 4,000-5,000 people across various units.

Signet Solar's investment in India will be spread over ten years and will produce over 1 GW of annual output for export and domestic consumption. The company, which is eyeing Europe, the US and Japan as potential markets for its output, has also commenced construction of its first global manufacturing facility in Germany.

Already Moser Baer has announced its plans to establish a thin film solar fab in Noida SEZ at an investment of $250 million, becoming the first company in the photovoltaic space to seek benefits under the policy.

[Note: Silicon photovoltaic modules convert solar energy into electricity for applications such as solar farms, rural electrification, residential rooftop and building integrated photovoltaic applications. Thin film silicon technology enables over 40 per cent cost advantage over other mainstream solar technologies, including crystalline.]