India's Tata, BP get $78 mln more for solar venture

MUMBAI, March 17 (Reuters) - Tata BP Solar, a venture of India's Tata Power Co (TTPW.BO: Quote, Profile, Research, Stock Buzz) and BP (BP.L: Quote, Profile, Research, Stock Buzz) Solar, said on Monday it had signed an agreement with Calyon Bank, BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz) and others to raise $78 million for expansion.

Tata BP Solar, India's largest solar photo voltaic manufacturing company, said the funds would go toward more than tripling capacity to 180 megawatts (MW).

The plant's eventual capacity is planned to be 300 MW.

Tata BP Solar, also India's largest manufacturer of solar water heaters, expects sales revenue to top 8.5 billion rupees ($209 million) in 2007/08, it said in a statement.

India's growing solar market is seeing increasing interest from sectors including telecommunications and realty for "green buildings", it said.

BP Solar, a unit of BP's Alternative Energy Group, makes solar power systems also in China, Spain, Australia and the United States. ($1=40.7 rupees) (Reporting by Rina Chandran; Editing by Ranjit Gangadharan)