Suriya Jyoti to come up with hydro projects in Himachal

Suriya Jyoti Devices India (P) Ltd, a sister concern of Punjab-based Suntime Energy Ltd, will set up two mini hydro power generation projects in Himachal Pradesh on a built-operate-transfer (BOT) basis at a cost of Rs 42 crore.

The two power projects, which will be set up in Kullu Manali and Kangra, will have a generation capacity of 2 Mw and 4 Mw, respectively.

Also, the parent company, Suntime Energy Ltd, is planning to foray into cells line manufacturing with an investment of Rs 55 crore.

Talking to Business Standard, Suntime Energy Ltd Chief Executive Officer J S Ahluwalia said: "We will be setting up two mini hydro power generation systems in Kulu Manali and Kangra through our sister concern, Suriya Jyoti Devices (P) Ltd. The Kulu Manali project is expected to be completed by June next year whereas the power station at Kangra will be functional by December 2007. These projects together will attract an investment of Rs 42 crore, which will be funded through internal accruals and loans from banks and state government financial institutions."

The firm has signed a memorandum of understanding with the Himachal government for setting up two power projects. The Himachal government has allotted the site to the firm on leasehold for 100 years. Also, the firm has entered into an agreement with Himachal Pradesh for power buyback.

Moreover, as part of diversification plans, Suntime Energy Ltd, currently engaged in manufacturing of photovoltaic modules, designing, manufacturing, installation and execution of projects of Solar Water Heating Systems, is planning to foray into cells line manufacturing.

The company will invest Rs 55 crore in the project, which will be funded through internal accruals and bank loans.

Ahluwalia said: "The unit will have a manufacturing capacity of 11 Mw of photovoltaic cells. At present, we procure these cells from BHEL and also import from Germany. The project is expected to be completed by December next year, and we are expecting a turnover of Rs 60 crore in 2008-09 from cells line."

It is also developing the light-emitting diode (LED) solar system, which has an edge over conventional fluorescent lamps, apart from producing 150 W solar modules for exports. Already the company has exported solar water heating systems and solar photovoltaic systems to countries in Africa and Asia.

In the last financial year, the turnover of the company was Rs 8 crore and this year with burgeoning demand, it is expecting to touch Rs 25 crore.