 "Swelect Energy looking at exports opportunity with completion of expansion")
The company, which has acquired Bengaluru-based HHV Solar Technologies Ltd with around 40 MW of solar photovoltaic manufacturing capacity, is expanding the capacity to 100 MW per year to address both the Indian and foreign solar power market. The works are expected to complete by early next month and it would look at starting with around 20-25 MW of the capacity for exports.
"We are exporting to some countries like Germany and UK now. There is a huge opportunity in exports to the US and other countries too, which we would look at," said R Chellappan, managing director of Swelect Energy Systems. The company has infused around Rs 14 crore into the expansion project.
At present, the sales of the company is around Rs 100 crore and with the expansion, the potential for sales is expected to go up to around Rs 350 crore, he added.
For the project in Trichy, which is the state's first viability gap funding project under the Solar Energy Corporation of India (SECI's) Jawaharlal Nehru National Solar Mission (JNNSM), the company has bought solar panels from another Indian company and rest of the works were completed in-house. More than 6 MW of the installed capacity of 10 MW SPV modules were manufactured in Swelect-owned module manufacturing facility at Bengaluru. Chellappan said that the company would also look at backward integration to manufacturing panels going forward.
The 10 MW Solar power will be evacuated through a 33KV Feeder to TANGEDCO's (the discom in Tamil Nadu) Grid and SECI (Solar Energy Corporation of India) would sell the energy back to TANGEDCO under a specific PSA (Power Sales Agreement) at a cost of Rs 5.45 per KWh.
Swelect is currently in the process of developing a 20 MW SPV Farm and several Corporate SPV projects, it added.
