Start-up plans units for solar energy panels

Hyderabad-based start-up Nuevosol Energy that specialises in module mounting solutions plans to set up three manufacturing units for the profiles this fiscal.

Each of the proposed facility, to manufacture profiles used to form the racks on which the solar panels are installed, is expected to entail an investment of Rs.5 crore. The firm had recently established its first unit in Hyderabad.

Besides one more unit in Hyderabad, it wants to set up a facility each in Mumbai and Rajasthan, CEO and Managing Director Himamsu Popuri said on Thursday.

Addressing presspersons here, he said this while referring to the surge in demand for the products the company expected this year. Nuevosol, which over the last four years had provided the mounting solutions for 1,500 mw solar energy projects, is confident of doing better than the cumulative achievement this fiscal.

He cited enhanced interest in clean energy, a steep fall in the tariff and the Centre revising the 2022 target - from 20 Gigawatt to 100 GW - as reasons that will drive solar energy sector.

While own manufacturing facilities would help meet the deadlines, the total installed capacity of the four units - to make materials for structures to support 400 mw - would still be less than the demand. The company, he added, would continue to source profiles from leading companies such as Pennar for sometime.

Noting that about $ 6 million was the investment made on the company, he said it had filed papers for over 30 patents. Mr. Popuri said that Nuevosol’s order book currently was around Rs.120 crore. On the turnover, he said, it was around Rs.180 crore last fiscal and the company was looking to post over Rs.400 crore in 2016-17.