According to reports, the NSE-listed, Chennai-based company Tecpro Systems Ltd has entered the solar energy space by acquiring a Bangalore-headquartered EPC company, EverSun Energy Pvt Ltd, sources say.
While Tecpro officials refused to comment, Mr Srinivas Kumar of EverSun confirmed this.
The Rs 2,000-crore Tecpro is among the major suppliers of ‘balance of plant’ equipment for thermal power projects — it supplies machinery such as coal handling and ash handling plants. The acquisition of EverSun marks the company’s first step into renewable energy.
EverSun describes itself as “a renewable energy enterprise engaged in the design, engineering, product development, manufacture, integration, installation, turnkey contracts and post-sales service & maintenance in the areas of solar photovoltaic (lighting) and solar thermal (heating).”
EverSun is headquartered in the US with its India corporate office in Bangalore and facilities in Pune, Hospet (Karnataka) and Jamshedpur.
The company’s Web site lists some 25 clients, including names such as SunEdison, Gujarat Power Corporation, Euro Solar, Vasco group, HIRCO group and a number of hotels and education institutions. It has executed two 1 MW plants in Gujarat.
Industry observers see this acquisition as an illustration of the pull of the solar EPC business in India, where the margins are said to be between 15 and 20 per cent.