Emmvee Solar, the makers of Solarizer water heaters, will get into solar photovoltaic (PV) power project development in India by the end of this year, reports the Hindu Business Line.
The company has set up two solar projects of about 14 MW in Europe, and is looking at projects of over 5 MW capacity here, DV Manjunatha, managing director, Emmvee Solar said.
Currently, the company is into manufacturing and retailing of solar water heaters and manufacturing solar crystalline PV modules.
Over the last few years, it has also started providing ‘solar solutions’ across segments. It provides engineering procurement construction (EPC) services for power projects, installs solar systems for industrial applications such as telecom towers, railways or installing rooftop solar systems for commercial and residential buildings.
The company hitherto got most of its revenues from exports but is increasingly seeing growth in the domestic market, according to Manjunatha. “Till last year, about 90 per cent of our revenues came from exports. This year we expect it to be 50 per cent and it could probably go down to 30 per cent in the next two years,” he said.
While most module manufacturers in India such as Tata BP Solar and Indosolar are in the red, Emmvee is seeing good business.
When asked how the company has managed this, Manjunatha pointed out that it doesn’t restrict itself to manufacturing of modules or providing EPC services, but works for “providing solar solutions” such as installing solar power systems for captive use for residential and commercial buildings. The company is planning to add capacity to its existing 135 MW manufacturing line in Bengaluru.
It will invest “about Rs 400 million and add 100 employees for expansion, by the end of this year or early next year,” he said, adding that the company hadn’t yet decided on other details.