A Company Profiling ofPV Module Manufacturing firms in India Manufacturing For purpose of a prospective acquisition Submitted by Akash Jauhari
Background: Solar Power in India• Energy deficient Nation, densely populated and highly insolated, which makes it ideal prospect market for the solar industry.• Solar energy is fastest growing source of power generation, with an annual growth of 35%.• India is highly dependent on coal and imported oil for its energy needs. Import of oil is the major component of India expenditure in foreign trade, which is the reason why Govt. is highly concerned about its alternative.• Out of total 80,000 unelectrified villages, 18,000 cannot be connected to conventional grid. Opportunity for solar firms in India. As of 2004, only 2,400 villages could be illuminated using solar energy.• Total solar energy produced in India is less than 1% of total demand. Total power from renewable sources is about 10% of total demand.• In spite of the all favorable factors, cost of solar technology is much higher than conventional thermal energy. It costs Rs 15 to 30 per unit as compared to Rs 5 -8 for thermal source. However, new developments are encouraging for solar technology.• Govt. incentive Allocated $ 222 million for Jawaharlal Nehru Solar mission in annual budget for 2010-11, an increase of about 50% from last year budget.• Govt. reduced custom duty for solar panel by 5% and exempted it from excise duty in budget. This will reduce solar panel installation cost by 15%.
Short listing of CompaniesFrom the MNRE list of registered Solar cell and module manufacturers,companies have been picked out on basis of following factors: a) Core competency of the firm to be PV module manufacturing. Many companies which produce solar equipment like heaters and lighting items along with PV module have been excluded. b) Manufacturing capacity to be 25MW or more. c) Companies which are subsidiaries of National/International heavyweight groups have been excluded, as the purpose of this document is prospective acquisition. Hence companies like Tata BP Solar or Moser Bear Solar are not included. d) Government companies have been excluded for the same above reason. e) Companies which are considerably into services like installations or maintenance along with manufacturing have been avoided. Components of Company ProfileFor each of the nine companies covered in this report, following are focus areasfor study • Company - overview, Parent Company and Founder • Manufacturing facility – capacity, location and features • Product – range and technology used • Certifications • Comments • Recent projects, Clients and Financial data (subject to availability)
Ltd., Titan Energy Systems Ltd., HyderabadAbout CompanyTitan Energy Systems was established in 1991 as one of India’s earliest solarsystem integration company catering to the off-grid systems market. In 1995, PVSolar module manufacturing capabilities were setup to meet the Indian marketrequirements, with a modest annual capacity of 3 MWp. In 1999, TITAN startedexporting solar modules produced in India. Today, TITAN has established a100MW state-of-art manufacturing facility in Hyderabad.
Manufacturing FacilityTitan Energy Systems (TITAN) develops and manufactures solar photovoltaicmodules at state-of-art manufacturing facility in Hyderabad, India is one of thelargest production facilities in India. Present Capacity is 100MW automatedmanufacturing facilities utilizing processes with auto tabber/stringer machinesensure solar cells and other materials have minimal manual handling.Quality Assurance (QA) and Quality Control (QC), in compliance with ISO 9001-2008 standards, are implemented in the production lines and validated by astrong quality team at every step of production and dispatch.Manufacturing and QualityProduct and servicesTITAN’s Crystalline solar modules have rated output ranging from 20-300Wp withvarious voltage ratings. TITAN sources Mono and Multi Crystalline solar cellsfrom international suppliers to provide maximum energy throughput. Our high-performance solar modules are marketed to international distributors and largescale project developers in Europe, USA and other locations globally.One of the pioneers in on grid application in the deployment of operational MW-scale solar power plants in India, TITAN has experience in the developing powerplant solutions and in realizing turnkey solar power plants. TITAN has built localknow-how in the field of solar power plants: from planning and construction tostartup and maintenance.
Recent Projects and ClientsIn the Indian market, TITAN actively undertakes design, development,construction and maintenance of off-grid and on-grid Solar Systems.Since in inception in 1991, TITAN has supplied various customized off-gridsolutions to cater to the needs of Oil, Telecom, Railways, Agriculture, RuralElectrification and other industries.More recently, since the introduction of MNRE Feed-In Tariffs in India, TITAN hassuccessfully undertaken the role of EPC in the construction and operation of MW-scale grid-connected solar power plants. As a major achievement, TITANconnected to the grid Indias first MW scale solar power plant in Asansol, WestBengal.CertificationTITAN has been exporting its high-quality solar modules to major global marketssince 1999: Titan’s modules for the European market are certified by TÜVRheinland, Germany to meet IEC 61215 and IEC 61730-2 standards. Specificallyfor the US market, TITAN produces solar modules manufactured with high-UScontent that are certified to UL1703 safety standards by UnderwritersLaboratories, USA.For the Indian markets, TITAN’s solar modules are additionally tested andapproved by MNRE for the Indian Solar subsidy programs, RDSO for use inRailway applications, TEC for use in Department of Telecommunicationapplications and DGQA for use in the Defense applications.
Comments-One of the pioneers of Solar Companies in India, it also boasts of among thelargest manufacturing facility in country. In its long journey, it has been certifiedby national and international organizations. Its reputation in Indian market canbe estimated using its client list, which includes Railways, Telecom companiesand Oil India Ltd. Recent association with MNRE for Asansol solar power plantproject is new addition to its achievement list.
Websol Energy Systems Ltd.Company OverviewWebsol Energy Systems Ltd is a West Bengal based company founded in 1990 byMr. S L Agarwal. It started its operations from 1994. It is one of the leadingmanufacturers of photovoltaic monocrystalline solar cells and modules in India.Mr. Agarwal is a recipient of the Udyog Ratna Award from the President of Indiaand Shiromani Award from the Indian Institute of Economic Studies in 1987. He isalso a core committee member of Indian Semiconductor Association Solar PV Cell.Present capacity and expansion plans.Production facility is present at Falta SEZ, Sector II, Falta, West Bengal.Present Capacity of the company is 42 MW.To enhance its competitive edge, the company has undertaken 120 MWexpansion program in 2006. Proposed capacity will ramp up to 60 MW by Dec2011 and to 120MW by 2012. Company has technical capability to handle up to160 Micron thin wafers and process multiple size wafers.Product rangeModules range from 10 w to 2100 w.Cell dimension 125mm * 125 mmCells and modules are used in both domestic and commercial photovoltaicapplications. Product range from 5 watt to 220 watt caters to needs ranging fromrural electrification to big power plants. Stringent testing of individual
photovoltaic modules ensures performance and durability for both gridconnected and standalone systems.Claimed cell efficiency is 16.5%.CertificationsPhoto voltaic needs global standards and specifications for manufacturing andtesting. Websol Solar modules are approved for IEC 61215, IEC 61730 and UL1703 standards as well as FM requirements. The certifications have beenawarded by various reputed institutes like Underwriters Laboratories Inc., TUVRheinland, Germany; EuroTest Laboratori, Italy and CSA International, Canada.Financial results for year ended 30-06-2010(All figures in Rs lakhs.)Total Income 14,961Expenditure 15,579Profit after tax (300.16)Shareholder Pattern:Investor Percentage SharePromoter Group 32.7 %FII 28.3 %Other body corporate 13.9%Individual 12.3%
Comments-Websol Energy system is among the older firms in India which came into solarpower in 1990’s. In spite of being in market for so long, it could not expand as itsyounger competitors have done. None the less, of late it proposes massiveexpansion plans for recent years. But looking at its negative profits anddecreasing revenues, such ambitious plans may be difficult to achieve.
PLG Power Limited, NashikAbout CompanyPLG Power is a vertically integrated company operating in the PV sector since2008. It is a part of a big, well-established Indian Group, PLG Group Mumbai,which is almost 100 years old company diversified into numerous businesses inAsia and Middle-East. The group is diversified into various activities with annualturnover of USD 900 million and assets and investments net worth of over 750millionPLG Power’s main businesses are:1) Manufacturing of high-quality crystalline PV modules2) Developing and investing in self-owned PV Power plants in India and Europe(in total over 40MW of projects under development for this and the next year)3) Production of polysilicon (the first pilot plant of 3000 MT/ year will becompleted in 2011)Manufacturing Facility2008 Established 25 MW Crystalline Solar Photovoltaic Module ManufacturingUnit at Sinnar, Nasik with expansion plans of 100 MW by 2010, and CommencingProduction Dec 20082009 Ramping up of capacity to 50 MW: Commencing Production SolarPhotovoltaic Module Manufacturing Unit at Sinnar, Nasik of in June 20092010 -Expansion to 100 MW of Crystalline Solar Photovoltaic ModuleManufacturing at Sinnar, Nasik
Products and CertificationThe flagship products are listed here with their specificationP-Series 6X10P-Series 6X12Constructive Details Cells Configuration 60 pcs , Multi Crystalline Silicon , ( 6X10 ) Cell Size 156mm X 156mm No. of Bypass diodes 3 pcs Max. Series fuse rating 12 AJunction Box Protection IP 65Nominal rating at STC: 1000W/m2 AM 1,5, 25oC , Electrical Parameter tolerance +/- 3 %. Due toits policy of constant development, PLG POWER LTD reserves the right to modify technical data without prior noticeSome of the features of products are:Standard power tolerance system10 years of product workmanship warranty12 years power warranty for performance of not less than 90% of the nominalpower25 years power warranty for performance of not less than 80% of the nominalpowerISO 9001:2008 certified manufacturing processIEC 61215, IEC 61730 certifiedHigh quality, TUV and UL certified raw materials
Comments-PLG Power growth in last three years from 25MW to 100MW production capacityhas been appreciable. Also since it is a part of a big business house, sufficientfunds have been invested to improve technology and research. Its vicinity fromport city of Mumbai, which is also financial capital of India, is an competitiveadvantage.
XL Energy Limited, SecunderabadAbout CompanyXL Energy Limited (formerly XL Telecom & Energy Limited) was incorporated atHyderabad as a private limited company in 1985 and became a public limitedcompany in 1990. The company is partnered by Coming Inc., and Kyocera Inc. ofUSA.XL is one of Indias leading end to end solution provider established in 1992 in thefield of Solar Power with expertise in the field of production of Solar PhotovoltaicModules. XL has over 17 years of experience of manufacturing its SolarPhotovoltaic Modules and systems to various agencies in India and overseas.XL Energy Limited has state-of –the art, capacity facility located at fab City –Hyderabad, India.Products –Solar Modules ranges from 175 Wp to 280 Wp, available in American andEuropean style.XL with its owned subsidiary Companies is a leading international E2Ephotovoltaic systems integrator. The company plans, builds, operates and ownslarge photovoltaic plants providing all services from a single source.Solar CellsMulti Crystalline Silicon Solar Cells XL 156mm.Multi-crystalline Solar Cells aremanufactured by XL Energy Limited in their state-of –the art, high capacity facilitylocated at fab City – Hyderabad, India.
Turnkey EPCXL Energy Limited has entered into joint venture with SDEM TEGA S.A., a leadingSpain based Company with significant experience in implementing Solar PowerProjects as EPC contractors in Europe.The Company SDEM TEGA S.A. along with focus in areas like Electrical installationsand communication networks, in renewable energy segment have installed over30 MW solar Power Projects in the last two years.CertificationFinancial Results (For year ended on 31.12.2010)All figures in Rs. Lakhs.Total Revenues operations 16259.9Profit from operation (14211.7)PAIBT (21,220.45)Net Profit (10,567)Paid up Equity Share Capital (fv=Rs10) 2277.44Preferential Share Capital (fv=Rs10) 9525.22
Comments-With a long experience of 17 years in the manufacturing of solar PV module, XLenergy is among the most established companies in India. After becoming publicin 1990 and international collaborations, XL Energy has expanded its scope ofoperation beyond manufacturing. Today it plans, builds and operates SolarPower Plants in Joint Venture with SDEM TEGA, Spain. But in spite of strongfoundation, company’s financial results are quite poor, as clearly reflected infinancial results.
Ltd., PV Power Technologies Pvt. Ltd., MumbaiAbout CompanyPV Power Tech is a manufacturer and exporter of premium crystalline basedphotovoltaic modules. Established in 2007, PV Power Tech utilizes its Mumbai,India based state-of-the-art automated manufacturing plant to produce highquality photovoltaic modules that are TUV certified for IEC 61215 and IEC 61730.Manufacturing FacilityPV Power Tech has a state-of-the-art automated manufacturing facility at theSEEPZ Special Economic Zone located in the port city of Mumbai, the financialcapital of India. Certified by TUV for its manufacturing processes and qualitycontrol systems, the company proposes to be ISO certified by 2011.ProductsPV Power Tech offers a range of products for residential and commercial markets.Currently, we offer four different panels using polycrystalline cells. The numberof cells ranging from 48 cells to 60 cells and respective power then subdivideseach category of module.PVQ3: Flagship product based on next generation Q6LTT3 cells from Q cells,Germany. The innovative cell design using 3 bus bars instead of the traditional 2bus bars offers several advantages that improve module performance andefficiency.PVQ3 Black: All the features of the PVQ3 with the aesthetic appeal of anodizedblack frames and full black back sheet. It is ideal for residential purposes.ECO: This cost competitive module is based on efficiency premium cells from EtonSolar, Taiwan. Identical in construction & other raw materials to the PVQ3, except
the cells, this module offers a high quality cost competitive solution for thecommercial installations.Eco Black: Aesthetically appealing version of the ECO in anodized snap fit blackframes and full black back sheet.Customized Products: From BIPV solutions to certified laminates, PV Power Techcan offer custom solutions for each individual requirement Certificates: IEC 61215 Quality Certificate PVQ3 IEC 61730 PVQ3 Safety Class II Certificate PVQ3 IEC 62125 & IEC 61730 Certificate for ECO Series DLG Fokus Test ISO-9001-2008 ISO-14001-2004International NetworkBulk of company products are installed in EU, particularly Germany and Belgium.It offer customers to source the products directly from India for larger orders andfor smaller orders; PV Power Tech has tied up with NYK Logistics, a leader inlogistics and transport for a custom bonded warehouse in Belgium. Company alsoregularly stock the warehouse with the most commonly used sizes of panels andoffer panels to customers for minimum order quantities of 10KW. PV Power Tech has partnered with some of the foreign companies within
the industry for raw material requirements. Q Cells, Germany TÜV InterCert TÜV Nord IndiaComments-Since most of the current market of company is in Europe, its tie-ups withinternational logistics and certification from global agencies are considerablyimportant. Also it’s a indicator of the quality of finished products, the company iscapable of manufacturing. Another advantage is the heart of city location in thefinancial capital of India, Mumbai (SEEPZ).
Limited, HHV Solar Technologies Private Limited, BangaloreAbout the companyHHV Solar was incorporated in 2008 to produce solar photovoltaic (PV)modules and solar technology-based solutions—to meet the exactingdemands of commercial and industrial establishments around the world.2008 Incorporation2009 c-Si Commercial Line 30MW HHV goes international with its thin film coaters Developed 300W Modules BIPV Module up to 140wp developed First Manufactures of 96 Cell 400W Modules2010 Certification for IEC, UL & CEC a-Si line commercialization 10MW & Module Size 1M x 1M HHV Solar Photovoltaic panels launched around the worldIts parent company is HVV incorporated in 1965. HHV manufactures awide range of vacuum hardware and specialized equipment for the highvacuum market in India and abroad. HHV has also been a long-standingplayer in the field of solar technology, and has manufactured specializedequipment used in the manufacturing process of solar PV modules.Manufacturing FacilityHHV Solars state-of-the-art automated manufacturing centre is located at Dabaspet, in Bangalore, India. This facility has the capability to produce both Crystalline and Thin Film Solar PV Modules, in compliance with IECand UL standards for photovoltaic design and safety. Products will meet avariety of small to high volume requirements, in a wide range of consumergoods and services, across both grid-connected and off-grid applications.
C-Si Line (Crystalline Solar Modules): Capacity: 30MW per Annum. a-Si Line (Thin-film Solar Modules):Capacity: 10MW per AnnumProducts: 1. Crystalline Silicon PV module HVV Solar provides range of crystalline silicon solar PV modules, ideal for both off-grid and grid-connected systems: • With high-efficiency silicon cells. • With both mono- and poly-crystalline solar cells. • Lightweight anodized aluminum frame. • Meets IEC and UL standards. • Up to 400 wattsProduct Range: • 145 Watt Mono-Crystalline • 225 Watt Multi-Crystalline • 240 Watt Mono-Crystalline • 250 Watt Multi-Crystalline • 270 Watt Mono-Crystalline • 270 Watt Multi-Crystalline • 292 Watt Mono-Crystalline • 292 Watt Multi-Crystalline • 300 Watt Multi-Crystalline • 300 Watt Mono-Crystalline • 400 Watt Mono-Crystalline 2. Thin-film Solar Modules
These a-Si modules are produced completely in-house, with stringentquality controls to achieve consistency in efficiency and output. • Higher generated power compared to crystalline silicon PV modules. • Environmentally friendly—uses 1/600 of the silicon used in crystalline cells, thereby consuming less energy and allowing high productivity for mass production. • Shorter energy pay-back time because of high-energy yield. • Up to 60 wattsComments-A relatively new company, HVV Solar Technology provides a wide range ofproducts from its Bangalore based 30MW facility. Strategic location, asBangalore has emerged as the Solar power Hub of India. In coming years,a number of solar utilities will be made compulsory by the stategovernment. Hence lays the opportunity to capture local markets.
Ajit Solar Pvt. Ltd, JaipurAbout CompanyAjit Solar Pvt. Ltd (ASPL), a privately-held company of the Ajit Group, has enteredthe Photovoltaic (PV) market with PV Module manufacturing facility on theoutskirts of Jaipur.The Ajit Group of Companies is a closely held corporation and has a significantpresence in the automobile sector in the form of a widespread dealershipnetwork in the state of Rajasthan for both, commercial & passenger vehicles.Its promoters have over 30 years of business experience and the group, whichpresently manufactures a range of agricultural accessories & farm equipment, hasa collective annual turnover of Rs. 80 - 100 million.ProductsASPL produce both mono & multi-crystalline solar modules ranging from 75 W to280 W in power output. The modules are built to globally acceptablespecifications for use in a wide range of residential, commercial, industrial andother solar power generation systems.The facility is equipped to assemble modules either from both monocrystallineand multicrystalline cells. Also modules may be developed based on specificationsas required by customers.Currently 3 models are available off the shelf, namely,ASPL-P72 (Premium Line) 280WASPL-V60 (Value Line) 230WASPL-E36 (Eco line) 75W
CertificationThe company is TUV certified and is committed to providing the standards ofquality and customer service.Manufacturing FacilityCurrent production capacity is 20 MW, which is proposed to upgrade to 40 MW incoming two years. The production area spanning 1600 sq. meter has the capacityto be expandable to 3200 sq. meter in the near future. In addition, 2500 sq. meterof storage area within the facility ensures safety of both raw materials as well thefinished product.The project is located in Bagru which is an industrial township situated 25 kmfrom the state capital Jaipur, and is very well-connected to the airport and therest of city by an eight-lane highway.The project is capital intensive and has been funded by a consortium of 3nationalized banks.The German machinery & technical know-how have gone into the project, whichis mainly meant for the export market. The equipment is adaptable to futuredevelopments in technology. This makes the project viable in the long range. Alsosince the production capacity is set to be ramped up shortly, the project will besuitably equipped to execute larger orders.Comments –As comparison to other companies, Ajit Solar Power is a small company. Also itsproduction capacity is only being 20MW presently. However its advantage is itspresence in the state of Rajasthan. This semi arid state has highest solarillumination in India and also is an upcoming hub of Solar Power in the country.Along with these factors, promotional policies of state government for privateinvestment in solar power make it a favorable destination for foreign companies.
Vikram solar Pvt. Ltd., Kolkata About the Company Established in 2006, Vikram Solar is the latest addition to the up of companies under The Vikram Group. The main products of Vikram Solar is multi crystalline silicon photovoltaic modules which bear international certifications like UL, IEC, TUV and CE marks. Vikram Group is a business conglomerate operating across several business verticals. Group activities include manufacturing plants for textile, steel and power, infrastructure, real estate, floriculture, and tea. It has global presence in countries like the United States, Germany, Japan, Indonesia, Vietnam, Sri Lanka, Bangladesh, Iran, Kenya, Uganda, South Africa and the UK. Manufacturing Facility Vikram Solar has ISO 9001-2008 accredited manufacturing plant, located in the Special Economic Zone (SEZ) of Falta, West Bengal, is spread over a sprawling 40,000 sq ft area and boasts of an annual power production capacity of about 50 MW. It produces mono crystalline and multi crystalline and polycrystalline modules Besides, Vikram Solar has a global presence with offices in Germany, United States, and Kenya. The Company has vertically integrated supply chain, which provides following benefits:• Short streamlined production cycle allows us to offer products of the good quality to customers at competitive costs.
• Significant reduction in additional overhead costs including packaging and transportation.• The company does not have to rely wholly on third party suppliers which further validates. Product Vikram Solar manufactures state of the art solar photovoltaic (PV) modules, mono crystalline and multi crystalline types, which supply sustainable solar electric power to both on and off-grid residential, commercial as well as industrial establishments. We offer a wide range of solar PV modules from 5 Wp to 300 Wp. As part of ongoing expansion plan, company looks forward to increase our production capacity to 100MW by 2011. Certifications Vikram Solar PV modules confirm to CE, TUV, and UL quality standards. With unflinching honesty and integrity we commit ourselves towards innovative research and development. Applying the best technical expertise available we strive to improve our quality, reliability and above all, efficiency of our products.
Comments-After being established in 2006 the growth of Vikram Solar has beenconsiderable. It already has a manufacturing capacity of 50MW, which it proposesto double in few years. Its growing presence in countries like Germany, US andKenya indicates that it is aiming the global market. Also its vertical integrationfeature is a competitive advantage.
Limited, WAAREE Energies Private Limited, SuratAbout CompanyWAAREE Energies Private Limited (WEPL) was formed in 2007 by the promoters ofthe WAAREE Group of Companies to begin its foray into Renewable Energy. It isinto manufacturing of on grid and off grid PV modules.The WAAREE Group, based in Mumbai, India, with multiple manufacturinglocations, and JVs with reputed international companies, is well established in thefield of Process Control Instrumentation and Automation products. The Group hasa widespread network of offices and distributors located strategically across theworld in more than 40 countries.Aries Waaree Solar Pvt. Ltd (AWSPL) is JV Company between Mumbai basedWaaree, India and Aries Spain. AWSPL has bagged its first order for engineeringservices to set up 40 MW Solar PV Power Plant for Adani Group Gujarat India.Manufacturing FacilityWAAREE Energies has a modern state-of-the-art automatic production line for PVmodules at the Surat Special Economic Zone (SEZ), located 250 km. north ofMumbai. A full range of PV modules from 3W to 250W are manufactured forvarious on-grid and off-grid applications, and are exported to a number ofcountries globally.ProductWAAREE Energies manufactures PV module for both on grid and off gridapplication. The product ranges from power specification from 3W to 250 W. Itprovides a power warranty of up to 90% after 10 years and up to 80% after 25
years. PV modules are manufactured on automated lines under strictspecifications.CertificationPV modules ranging up to 250 W are certified by TUV and in compliance withIEC61215, IEC61730-2 and Safety Class II standards. PV modules ranging from 120W to 240 W are ETL certified with UL1703 standard, exported to the US &Canadian markets. WAAREE Energies are the first Indian Solar PV manufacturingcompany certified by ETL.Comments-Backed by a strong business conglomerate, Waaree Energy expansion inmanufacturing and bagging new projects looks very much possible. The jointventure with Aries, Spain has given Waaree Energy technical skills andinternational face to successfully obtain and complete bigger projects. Arelatively younger company, it has yet to set milestones on its journey, henceopportunities lies therewith.