According to reports, Chennai-based Swelect Energy Systems plans to develop a 25 MW solar power project near Coimbatore. The NSE-listed company, formerly known as Numeric Power Systems, will own 10 MW. The rest will be sold off to interested parties, the company’s Managing Director R. Chellappan, told Business Line on Monday.
Swelect will sell the power to third parties and will avail itself of the ‘renewable energy certificates’, he said.
Swelect has been a player in the solar power field for a long time building solar plants for others. The company has built over a thousand rooftop solar systems across the country. In the last couple of years, it has put up for itself two 1 MW solar plants — one near Coimbatore and the other near Sivaganga in Tamil Nadu.
Swelect’s main business had been manufacturing uninterruptible power supply (UPS) systems. Last year, the company sold the UPS business to a French company called Legrand for Rs 837 crore. Armed with the funds and with its experience in solar, the company has said it would focus on solar.
Swelect is also close to finalising a deal with an “international partner” for improving its solar module production.
The company got into solar module manufacturing a few months ago when it took 49 per cent stake in HHV Solar of Bangalore. Swelect has management control of HHV.
HHV Solar has a production capacity of 40 MW of poly and mono crystalline solar modules. When Swelect entered the company as a major stake holder, it was said that the capacity would be expanded, perhaps to 60 MW, for starters.
Now, an international partner is being brought on board, who is likely to bring in investments into a special purpose company.