SWELECT ENERGY SYSTEMS LTD (formerly known as Numeric Power Systems Ltd) announced the company’s foray into Solar PV modules with the acquisition of 49% Equity for a consideration of Rs.220 million in HHV Solar, a leading Solar Modules manufacturing Company in India. As per the agreement, SWELECT Energy will assume Board Control and Mr. R. Chellappan, Managing Director of SWELECT ENERGY has been appointed as the CEO of HHV Solar.
SWELECT has been ranked as a leading Solar Power Systems integrator in India and have installations of several MW capacities for its clientele. SWELECT’s core activity includes the manufacture of Solar Charge Controllers and MPPT Inverters for Solar Application, Roof Top and Utility scale SPV Energy farms. HHV Solar manufactures a wide range of Crystalline Solar modules certified for product quality and performance by all leading International Certification agencies and is also an exporter of SPV Modules. The close association with HHV Solar will enable SWELECT to grow faster in the Indian Solar market.
Mr. R. Chellappan said, “Several of our customers have expressed a high level of comfort in getting their complete supplies from a single source and a reliable corporate like SWELECT offers the highest uptime”. Through this association, Indian customers will be offered quality products with all International Certifications and faster rollout.
Mr.V.M.Sivasubramaniam, Chairman of SWELECT added, “Our 25 years of Power Electronics & Project management experience and the high quality SPV modules from HHV Solar will complement the individual strengths of the two companies and add value to customers. In the current power scenario, solar projects are set to grow faster in many States and the much awaited Grid parity is also expected soon.
Prasanth Sakhamuri, Managing Director of Hind High Vacuum Company Pvt.Ltd. (promoters of HHV Solar) will act as Director Technology and Marketing of HHV Solar. He said, “The investment by SWELECT in HHV Solar brings about a strong partnership by which world class solutions would be provided to the Indian and international markets.”
SWELECT has an order book of around Rs. 12 crores for immediate execution while HHV Solar has a robust order book for the current fiscal and expects to pick up major projects in the coming months.
Universal Legal, Chennai acted as the exclusive legal advisors on this transaction.