Nuevosol Energy, a solar power racking and EPC solutions provider, announced plans on Thursday to set up manufacturing units for profiles that go into solar racks on which panels are mounted. Each manufacturing unit will require an outlay of ₹5 crore and the company is planning to set up three units. The Hyderabad-based company, which is into its fifth year of operations, has thus far implemented solar racks for over 1,500 MW capacity in the country and expects to install another 1,500 MW during the current fiscal.
Strong order book
Interacting with the media, Nuevosol MD and CEO Himamsu Popuri said: “The country’s solar power sector is poised for rapid growth and is likely to add about 8,000 to 10,000 MW during the current financial year. We already have a strong order book and expect to implement about 1.5 GW of racking solutions to our existing list of clients who include Azure Power, GMR, Lanco and Photon Energy.” “We currently source profiles from some of the top manufacturers such as Pennar and now feel the need to have our own facility, as it will help us better control the supply requirements. Given the stiff deadline targets set for development of solar projects, having control over profiles for racking will help the company to meet the requirements of clients,” he said. The company, which closed last financial year with a turnover of ₹180 crore, has a healthy order book and expects to notch up a turnover of over ₹400-500 crore this fiscal as the pace of solar project implementation picks up. Set up in 2011 by IIT and BITS-Pilani alumni, Nuevosol has grown to be one of the major providers of racking solutions and an EPC player.
Source: The Hindu Business Line