First Solar to supply products to Reliance Power Company

Very first Solar, the world's largest solar company by market value, said it'll supply 100 megawatts (MW) of solar modules to Reliance Power in what it called the largest supply deal in the fast-growing market.

Because of India's plentiful solar resource and significant energy demand, the country's market is expected to be among the fastest growing in the world, although most solar product makers have experienced difficulties getting significant deals there.

First Solar will deliver 40 MW of its thin film modules to Reliance by year-end because of its project in Jaisalmer in the western Indian state of Rajasthan. The project will give electricity to the populous city of Mumbai.

The remaining 60 MW will probably be delivered in 2012, under the agreement with billionaire Anil Ambani's Dependence Power.

Last month, the US Export-Import Bank approved an $84. 3 million direct loan to Reliance Power's Dahanu Solar energy Pvt unit to purchase First Solar panels for the first 40 MW from the project.

First Solar had said in its latest earnings conference call that India will take into account about 10% of its 2011 sales in megawatts and offset weakness within the top markets in Europe.