REFUsol Bets Big On India

Mumbai (I-Newswire) January 3, 2012 - Mumbai – REFUsol GmbH, one of the leading manufacturers of solar inverters, has recruited new staff members for its new office in Pune and received approval from Landesbank Baden-Württemberg (LBBW) for financing inverter projects in India.

In order to establish its presence in India and support local customers onsite, REFUsol opens dedicated local offices in Hyderabad and New Delhi in addition to the Mumbai office. The sales representatives together with additional engineers will provide customer support, engineering, commissioning and after-sales-service for installation of solar inverters. The company will also open further manufacturing facilities and grow its head count over the course of the next months, stressing its commitment to the Indian market. The manufactury opening will be in Pune. Although REFUsol already delivers into the Indian market, local production will commence this year, with deliveries from the Indian facilities planned for early 2012.

In addition, the REFUsol inverters have received approval from Landesbank Baden-Württemberg (LBBW). The company therefore has gained bankability, which means that the bank believes that REFUsol will bring certain profit and success and is a dependable as well as a reliable supplier. LBBW has agreed to work with REFUsol customers in India to offer supplier credit under Letters of Credit opened by acceptable banks in India for the import of inverters from REFUsol Germany. REFUsol customers will therefore be able to receive supplier credit to be able to import inverters to India.

Thomas Wittek, CEO and General Manager India Refu Solar Electronics Pvt. Ltd. comments: “Bankability plays an increasingly important role in the photovoltaic industry and is becoming a key factor for project financing. Therefore we are pleased that our inverters have passed the LBBW’s high quality criteria for bankability. This will have a positive impact on our solar inverter business in India.” The "Certificate of Compliance" that REFUsol received for its REFUsol 008K - 020K inverters for India proves the compliance with the IEC-Standards.

Financing a solar energy project is usually regarded as unsecured lending by banks. Therefore project investors seek the lowest risk on the various variables present. These risk variables include solar array product quality, completion likelihood, off-taker credit worthiness, project model quality, and environmental factors.

LBBW has had a representative office in Mumbai since November 1999 and has correspondent relations with all major banks in the Public and Private Sector as well as Financial Institutions in India. The bank is actively engaged in providing medium to long term financing for the import of Capital Equipment, mainly from Germany.

Furthermore, REFUsol has received the "Certificate of compliance" for its REFUsol 008K - 020K inverters for India, which is a proof of the quality and safety of the products.


About REFUsol GmbH
With over 45 years of experience in power electronics, REFUsol is one of the top three providers of solar inverters globally and one of the fastest growing companies in this field. REFUsol‘s efficient and award-winning solar inverters help customers maximise the yield of their photovoltaic plants, whether for small roof-top installations or large-scale solar plants. REFUsol is headquartered in Metzingen, Germany and has further international offices in Europe, Korea, China, India and the U.S. as well as sales and service partners in key strategic photovoltaic markets around the world. Please visit www.refusol.com for more information.



Headquarters
REFUsol GmbH
Michael Groll
Uracher Straße 91
72555 Metzingen | Germany
T: +49 (0)7123 969-355
F: +49 (0)7123 969-30355
E: michael.groll@refusol.com | www.refusol.com

India contact
Refu Solar Electronics Pvt. Ltd.
Gat.No.367, S.No.13,
Village Urawade,
Taluka Mulshi Dist. Pune 411042 | India
T: +91 20 2195 0117
F: +91 20 2292 3828
E: info-india@refusol.com | www.refusol.com

Press contact
Hotwire PR
Saskia Stolper
T: +49 (0)69 2566 93-50
F: +49 (0)69 2566 93-93
E: saskia.stolper@hotwirepr.com


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