According to reports, armed with Rs 22 crore that it will get from Swelect Energy Systems (formerly, Numeric Power Systems), Bangalore-based HHV Solar plans to double its solar module manufacturing capacity to over 60 MW.
HHV announced today that it had sold 49 per cent stake to the Chennai-based Swelect Energy. Since fresh shares will be issued, the proceeds of the stake sale will flow into the company.
HHV Solar manufactures solar modules of crystalline silicon technology. The company’s Managing Director, Prasanth Sakhamuri, told Business Line today that HHV sees a big opportunity in an emerging trend — contract manufacturing for overseas customers. After the US Government imposed anti-dumping duty on some Chinese manufacturers, there is interest in getting the modules manufactured elsewhere, he said.
Swelect is a leading solar power systems integrator, which has built over a 1,000 rooftop solar projects across the country, and has put up two 1 MW ground-mounted plants. In February 2012, the company divested its core UPS business to Legrand of France for Rs 837 crore.
Last year, the company’s Managing Director, R. Chellappan, spoke of plans to enter into storage solutions also, riding over the rich experience as UPS manufacturers. Therefore, in Swelect, HHV Solar has a captive customer. HHV Solar achieved a turnover of Rs 95 crore last year. This year was bad, Sakhamuri said, but is confident of doing over Rs 100 crore next year.
HHV Solar also has another business — it manufactures equipment to produce solar modules based on amorphous silicon technology. It also produces some amorphous silicon modules.