HHV Solar Technologies (HHV ST) — a wholly owned solar module manufacturing subsidiary of the Chennai-based, Rs 300-crore SWELECT Energy Systems — has announced a robust expansion roadmap going up to 2020, when it aims to reach a total energy generation capacity of 1 gW, through its solar photovoltaic modules.
The company — which was completely acquired by SWELECT in August last year for over Rs 30 crore — has invested Rs 15 crore in the expansion of its facility at Dabaspet, near Bengaluru.
“Earlier, half of the existing 40,000 sq feet facility was utilised for producing modules using mono- and poly-crystalline technology, translating to a total energy generation capacity of 40 mW, while the remaining half was used for some research. We transformed the whole facility to manufacture modules, adding an additional 60 mW capacity, taking the whole capacity to 100 mW,” HHV ST Chief Executive Officer and Managing Director R Chellappan told Deccan Herald.
The investment towards the plant’s expansion has been completely funded through internal accruals, and the plant itself employs 250 people.
“PV modules are an essential component in drawing the sun’s light and converting the same into electricity. Right now, the demand in India is marginally growing, though there is immense potential. The government has announced an ambitious target of 100 gW of solar-generated electricity by 2022, which means every year, around 30-40 gW of energy must be added to the kitty, which currently has a tiny installed capacity of 5-6 gW only,” Chellappan said.
Meanwhile, HHV ST has already begun to earmark a strong customer base, which is a mix of domestic buyers (80 per cent) and export markets (20 per cent). The company’s business encompasses both (project-based) B2C and (systems integrator-based) B2C models.
Bullish on several sectors
Chellappan said the company is bullish on several sectors, including corporate, industry, healthcare, hospitality, and retail. In the export markets, it plans to build its brand in the US, having already set its base in Australia, Germany, the UK, and Canada, among others.
“We source a lot of our raw material from Taiwan, China, and South Korea, besides India. Our new facility is involved in producing modules in the 250 watt range, of which, we make 1,400 units a day, translating to 400,000 units annually,” he said.
HHV ST had a turnover of Rs 102 crore last year, which is expected to touch Rs 300 crore next year, aiming to grow at 250 per cent.
The company — which was completely acquired by SWELECT in August last year for over Rs 30 crore — has invested Rs 15 crore in the expansion of its facility at Dabaspet, near Bengaluru.
“Earlier, half of the existing 40,000 sq feet facility was utilised for producing modules using mono- and poly-crystalline technology, translating to a total energy generation capacity of 40 mW, while the remaining half was used for some research. We transformed the whole facility to manufacture modules, adding an additional 60 mW capacity, taking the whole capacity to 100 mW,” HHV ST Chief Executive Officer and Managing Director R Chellappan told Deccan Herald.
The investment towards the plant’s expansion has been completely funded through internal accruals, and the plant itself employs 250 people.
“PV modules are an essential component in drawing the sun’s light and converting the same into electricity. Right now, the demand in India is marginally growing, though there is immense potential. The government has announced an ambitious target of 100 gW of solar-generated electricity by 2022, which means every year, around 30-40 gW of energy must be added to the kitty, which currently has a tiny installed capacity of 5-6 gW only,” Chellappan said.
Meanwhile, HHV ST has already begun to earmark a strong customer base, which is a mix of domestic buyers (80 per cent) and export markets (20 per cent). The company’s business encompasses both (project-based) B2C and (systems integrator-based) B2C models.
Bullish on several sectors
Chellappan said the company is bullish on several sectors, including corporate, industry, healthcare, hospitality, and retail. In the export markets, it plans to build its brand in the US, having already set its base in Australia, Germany, the UK, and Canada, among others.
“We source a lot of our raw material from Taiwan, China, and South Korea, besides India. Our new facility is involved in producing modules in the 250 watt range, of which, we make 1,400 units a day, translating to 400,000 units annually,” he said.
HHV ST had a turnover of Rs 102 crore last year, which is expected to touch Rs 300 crore next year, aiming to grow at 250 per cent.
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