According to reports, power electronics systems maker, AEG Power Solutions India Pvt Ltd, has set up its first manufacturing facility in India at an investment of Rs 100 crore.
The company, at its plant near Bangalore, will manufacture solar inverters at the unit and has the capacity to manufacture 400 MW of solar inverters.
AEG will manufacture inverters of 250 MW and 500 MW capacities and will also provide its customers monitoring solutions for the units.
“With the National Solar Mission in place and the solar industry becoming more global, we see a huge market for the product in India which is looking at an installed capacity of 1GW from solar by next year,” Mr Horst Kayser, Chief Executive Officer of AEG Power Solutions, said at a press conference.
The solar installed capacity in India at the end of last year in terms of installations was about 37 MW and this is expected to grow to about 300 MW this year, Mr S.L. Sridhar Murthy, Managing Director of AEG Power Solutions India, added.
AEG Power Solutions India, wholly-owned subsidiary of the Netherlands-based AEG Power Solutions, has been operating in India since 2006 and earns about three per cent of its revenues from India.
AEG’s turnover from India operations was about 1.5 million euros in 2010 and with the manufacturing unit in place, expects this to grow up to 15 million euros in fiscal 2011.
The company in India today operates in the Renewable Energy Solutions and Energy Efficiency Solutions segments and plans to “move from custom engineering and product development to smart grid solutions” over the coming months.
The company today caters to several players across the solar PV chain, some of its major customers being Tata BP Solar, Emvee Solar and Surana Ventures and looks at EPC playes like L&T and Punj Lloyd as its prospective customers. In India, it competes with players such as Schneider and ABB.