Bengaluru-based HHV Solar has disclosed plans to double its solar module manufacturing capacity to over 60 MW. The announcement comes hot on the heels of Swelect Energy Systems (the erstwhile Numeric Power Systems) foraying into solar PV modules with the acquisition of 49 per cent equity (worth Rs 220 million) in HHV Solar.
Since fresh shares will be issued, the proceeds of the stake sale will flow into the company.
HHV Solar Technologies produces technologically advanced solar photovoltaic (SPV) modules and offers SPV technology-based solutions to meet the demands of commercial and industrial establishments around the world.
According to R. Chellappan, managing director, Swelect Energy, “Through this association, Indian customers would be offered quality products with all international certifications and faster rollout.”
V. M. Sivasubramaniam, chairman of Swelect, added that the high-quality SPV modules from HHV Solar would complement the individual strengths of the two companies and add value to customers.
Swelect, a solar power systems integrator, has already set up over a 1,000 rooftop solar projects across the country. The company has also set up 1MW plants each in Coimbatore and Sivaganga. In February 2012, the company sold its core UPS business to Legrand of France for Rs 8.37 billion.
Apart from the UPS business, Swelect also works in green energy, alloy steel, iron and LED lighting. The company is now focussing on solar energy generation and solar power storage products
