Solar Power India

1. A Company Profiling of
PV Module Manufacturing firms in India
Manufacturing
For purpose of a prospective acquisition
Submitted by Akash Jauhari

2. 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%.

3. Short listing of Companies
From 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 Profile
For each of the nine companies covered in this report, following are focus areas
for 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)

4. Ltd.,
Titan Energy Systems Ltd., Hyderabad
About Company
Titan Energy Systems was established in 1991 as one of India’s earliest solar
system integration company catering to the off-grid systems market. In 1995, PV
Solar module manufacturing capabilities were setup to meet the Indian market
requirements, with a modest annual capacity of 3 MWp. In 1999, TITAN started
exporting solar modules produced in India. Today, TITAN has established a
100MW state-of-art manufacturing facility in Hyderabad.

5. Manufacturing Facility
Titan Energy Systems (TITAN) develops and manufactures solar photovoltaic
modules at state-of-art manufacturing facility in Hyderabad, India is one of the
largest production facilities in India. Present Capacity is 100MW automated
manufacturing facilities utilizing processes with auto tabber/stringer machines
ensure 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 a
strong quality team at every step of production and dispatch.
Manufacturing and Quality
Product and services
TITAN’s Crystalline solar modules have rated output ranging from 20-300Wp with
various voltage ratings. TITAN sources Mono and Multi Crystalline solar cells
from international suppliers to provide maximum energy throughput. Our high-
performance solar modules are marketed to international distributors and large
scale 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 power
plant solutions and in realizing turnkey solar power plants. TITAN has built local
know-how in the field of solar power plants: from planning and construction to
startup and maintenance.

6. Recent Projects and Clients
In 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-grid
solutions to cater to the needs of Oil, Telecom, Railways, Agriculture, Rural
Electrification and other industries.
More recently, since the introduction of MNRE Feed-In Tariffs in India, TITAN has
successfully undertaken the role of EPC in the construction and operation of MW-
scale grid-connected solar power plants. As a major achievement, TITAN
connected to the grid India's first MW scale solar power plant in Asansol, West
Bengal.
Certification
TITAN has been exporting its high-quality solar modules to major global markets
since 1999: Titan’s modules for the European market are certified by TÜV
Rheinland, Germany to meet IEC 61215 and IEC 61730-2 standards. Specifically
for the US market, TITAN produces solar modules manufactured with high-US
content that are certified to UL1703 safety standards by Underwriters
Laboratories, USA.
For the Indian markets, TITAN’s solar modules are additionally tested and
approved by MNRE for the Indian Solar subsidy programs, RDSO for use in
Railway applications, TEC for use in Department of Telecommunication
applications and DGQA for use in the Defense applications.

7. Comments-
One of the pioneers of Solar Companies in India, it also boasts of among the
largest manufacturing facility in country. In its long journey, it has been certified
by national and international organizations. Its reputation in Indian market can
be estimated using its client list, which includes Railways, Telecom companies
and Oil India Ltd. Recent association with MNRE for Asansol solar power plant
project is new addition to its achievement list.

8. Websol Energy Systems Ltd.
Company Overview
Websol Energy Systems Ltd is a West Bengal based company founded in 1990 by
Mr. S L Agarwal. It started its operations from 1994. It is one of the leading
manufacturers of photovoltaic monocrystalline solar cells and modules in India.
Mr. Agarwal is a recipient of the Udyog Ratna Award from the President of India
and Shiromani Award from the Indian Institute of Economic Studies in 1987. He is
also 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 MW
expansion program in 2006. Proposed capacity will ramp up to 60 MW by Dec
2011 and to 120MW by 2012. Company has technical capability to handle up to
160 Micron thin wafers and process multiple size wafers.
Product range
Modules range from 10 w to 2100 w.
Cell dimension 125mm * 125 mm
Cells and modules are used in both domestic and commercial photovoltaic
applications. Product range from 5 watt to 220 watt caters to needs ranging from
rural electrification to big power plants. Stringent testing of individual

9. photovoltaic modules ensures performance and durability for both grid
connected and standalone systems.
Claimed cell efficiency is 16.5%.
Certifications
Photo voltaic needs global standards and specifications for manufacturing and
testing. Websol Solar modules are approved for IEC 61215, IEC 61730 and UL
1703 standards as well as FM requirements. The certifications have been
awarded by various reputed institutes like Underwriters Laboratories Inc., TUV
Rheinland, Germany; EuroTest Laboratori, Italy and CSA International, Canada.
Financial results for year ended 30-06-2010
(All figures in Rs lakhs.)
Total Income 14,961
Expenditure 15,579
Profit after tax (300.16)
Shareholder Pattern:
Investor Percentage Share
Promoter Group 32.7 %
FII 28.3 %
Other body corporate 13.9%
Individual 12.3%

10. Comments-
Websol Energy system is among the older firms in India which came into solar
power in 1990’s. In spite of being in market for so long, it could not expand as its
younger competitors have done. None the less, of late it proposes massive
expansion plans for recent years. But looking at its negative profits and
decreasing revenues, such ambitious plans may be difficult to achieve.

11. PLG Power Limited, Nashik
About Company
PLG Power is a vertically integrated company operating in the PV sector since
2008. 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 in
Asia and Middle-East. The group is diversified into various activities with annual
turnover of USD 900 million and assets and investments net worth of over 750
million
PLG Power’s main businesses are:
1) Manufacturing of high-quality crystalline PV modules
2) 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 be
completed in 2011)
Manufacturing Facility
2008 Established 25 MW Crystalline Solar Photovoltaic Module Manufacturing
Unit at Sinnar, Nasik with expansion plans of 100 MW by 2010, and Commencing
Production Dec 2008
2009 Ramping up of capacity to 50 MW: Commencing Production Solar
Photovoltaic Module Manufacturing Unit at Sinnar, Nasik of in June 2009
2010 -Expansion to 100 MW of Crystalline Solar Photovoltaic Module
Manufacturing at Sinnar, Nasik

12. Products and Certification
The flagship products are listed here with their specification
P-Series 6X10
P-Series 6X12
Constructive 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 A
Junction Box Protection IP 65
Nominal rating at STC: 1000W/m2 AM 1,5, 25oC , Electrical Parameter tolerance +/- 3 %. Due to
its policy of constant development, PLG POWER LTD reserves the right to modify technical data
without prior notice
Some of the features of products are:
Standard power tolerance system
10 years of product workmanship warranty
12 years power warranty for performance of not less than 90% of the nominal
power
25 years power warranty for performance of not less than 80% of the nominal
power
ISO 9001:2008 certified manufacturing process
IEC 61215, IEC 61730 certified
High quality, TUV and UL certified raw materials

13. Comments-
PLG Power growth in last three years from 25MW to 100MW production capacity
has been appreciable. Also since it is a part of a big business house, sufficient
funds have been invested to improve technology and research. Its vicinity from
port city of Mumbai, which is also financial capital of India, is an competitive
advantage.

14. XL Energy Limited, Secunderabad
About Company
XL Energy Limited (formerly XL Telecom & Energy Limited) was incorporated at
Hyderabad as a private limited company in 1985 and became a public limited
company in 1990. The company is partnered by Coming Inc., and Kyocera Inc. of
USA.
XL is one of India's leading end to end solution provider established in 1992 in the
field of Solar Power with expertise in the field of production of Solar Photovoltaic
Modules. XL has over 17 years of experience of manufacturing its Solar
Photovoltaic 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 and
European style.
XL with its owned subsidiary Companies is a leading international E2E
photovoltaic systems integrator. The company plans, builds, operates and owns
large photovoltaic plants providing all services from a single source.
Solar Cells
Multi Crystalline Silicon Solar Cells XL 156mm.Multi-crystalline Solar Cells are
manufactured by XL Energy Limited in their state-of –the art, high capacity facility
located at fab City – Hyderabad, India.

15. Turnkey EPC
XL Energy Limited has entered into joint venture with SDEM TEGA S.A., a leading
Spain based Company with significant experience in implementing Solar Power
Projects as EPC contractors in Europe.
The Company SDEM TEGA S.A. along with focus in areas like Electrical installations
and communication networks, in renewable energy segment have installed over
30 MW solar Power Projects in the last two years.
Certification
Financial Results (For year ended on 31.12.2010)
All figures in Rs. Lakhs.
Total Revenues operations 16259.9
Profit from operation (14211.7)
PAIBT (21,220.45)
Net Profit (10,567)
Paid up Equity Share Capital (fv=Rs10) 2277.44
Preferential Share Capital (fv=Rs10) 9525.22

16. Comments-
With a long experience of 17 years in the manufacturing of solar PV module, XL
energy is among the most established companies in India. After becoming public
in 1990 and international collaborations, XL Energy has expanded its scope of
operation beyond manufacturing. Today it plans, builds and operates Solar
Power Plants in Joint Venture with SDEM TEGA, Spain. But in spite of strong
foundation, company’s financial results are quite poor, as clearly reflected in
financial results.

17. Ltd.,
PV Power Technologies Pvt. Ltd., Mumbai
About Company
PV Power Tech is a manufacturer and exporter of premium crystalline based
photovoltaic modules. Established in 2007, PV Power Tech utilizes its Mumbai,
India based state-of-the-art automated manufacturing plant to produce high
quality photovoltaic modules that are TUV certified for IEC 61215 and IEC 61730.
Manufacturing Facility
PV Power Tech has a state-of-the-art automated manufacturing facility at the
SEEPZ Special Economic Zone located in the port city of Mumbai, the financial
capital of India. Certified by TUV for its manufacturing processes and quality
control systems, the company proposes to be ISO certified by 2011.
Products
PV Power Tech offers a range of products for residential and commercial markets.
Currently, we offer four different panels using polycrystalline cells. The number
of cells ranging from 48 cells to 60 cells and respective power then subdivides
each 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 2
bus bars offers several advantages that improve module performance and
efficiency.
PVQ3 Black: All the features of the PVQ3 with the aesthetic appeal of anodized
black frames and full black back sheet. It is ideal for residential purposes.
ECO: This cost competitive module is based on efficiency premium cells from Eton
Solar, Taiwan. Identical in construction & other raw materials to the PVQ3, except

18. the cells, this module offers a high quality cost competitive solution for the
commercial installations.
Eco Black: Aesthetically appealing version of the ECO in anodized snap fit black
frames and full black back sheet.
Customized Products: From BIPV solutions to certified laminates, PV Power Tech
can 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-14001-2004
International Network
Bulk of company products are installed in EU, particularly Germany and Belgium.
It offer customers to source the products directly from India for larger orders and
for smaller orders; PV Power Tech has tied up with NYK Logistics, a leader in
logistics and transport for a custom bonded warehouse in Belgium. Company also
regularly stock the warehouse with the most commonly used sizes of panels and
offer panels to customers for minimum order quantities of 10KW.
PV Power Tech has partnered with some of the foreign companies within

19. the industry for raw material requirements.
Q Cells, Germany TÜV InterCert TÜV Nord India
Comments-
Since most of the current market of company is in Europe, its tie-ups with
international logistics and certification from global agencies are considerably
important. Also it’s a indicator of the quality of finished products, the company is
capable of manufacturing. Another advantage is the heart of city location in the
financial capital of India, Mumbai (SEEPZ).

20. Limited,
HHV Solar Technologies Private Limited, Bangalore
About the company
HHV Solar was incorporated in 2008 to produce solar photovoltaic (PV)
modules and solar technology-based solutions—to meet the exacting
demands of commercial and industrial establishments around the world.
2008 Incorporation
2009 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 Modules
2010 Certification for IEC, UL & CEC
a-Si line commercialization 10MW & Module Size 1M x 1M
HHV Solar Photovoltaic panels launched around the world
Its parent company is HVV incorporated in 1965. HHV manufactures a
wide range of vacuum hardware and specialized equipment for the high
vacuum market in India and abroad. HHV has also been a long-standing
player in the field of solar technology, and has manufactured specialized
equipment used in the manufacturing process of solar PV modules.
Manufacturing Facility
HHV Solar's 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 IEC
and UL standards for photovoltaic design and safety. Products will meet a
variety of small to high volume requirements, in a wide range of consumer
goods and services, across both grid-connected and off-grid applications.

21. C-Si Line (Crystalline Solar Modules): Capacity: 30MW per Annum.
a-Si Line (Thin-film Solar Modules):Capacity: 10MW per Annum
Products:
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 watts
Product 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

22. These a-Si modules are produced completely in-house, with stringent
quality 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 watts
Comments-
A relatively new company, HVV Solar Technology provides a wide range of
products from its Bangalore based 30MW facility. Strategic location, as
Bangalore has emerged as the Solar power Hub of India. In coming years,
a number of solar utilities will be made compulsory by the state
government. Hence lays the opportunity to capture local markets.

23. Ajit Solar Pvt. Ltd, Jaipur
About Company
Ajit Solar Pvt. Ltd (ASPL), a privately-held company of the Ajit Group, has entered
the Photovoltaic (PV) market with PV Module manufacturing facility on the
outskirts of Jaipur.
The Ajit Group of Companies is a closely held corporation and has a significant
presence in the automobile sector in the form of a widespread dealership
network in the state of Rajasthan for both, commercial & passenger vehicles.
Its promoters have over 30 years of business experience and the group, which
presently manufactures a range of agricultural accessories & farm equipment, has
a collective annual turnover of Rs. 80 - 100 million.
Products
ASPL produce both mono & multi-crystalline solar modules ranging from 75 W to
280 W in power output. The modules are built to globally acceptable
specifications for use in a wide range of residential, commercial, industrial and
other solar power generation systems.
The facility is equipped to assemble modules either from both monocrystalline
and multicrystalline cells. Also modules may be developed based on specifications
as required by customers.
Currently 3 models are available off the shelf, namely,
ASPL-P72 (Premium Line) 280W
ASPL-V60 (Value Line) 230W
ASPL-E36 (Eco line) 75W

24. Certification
The company is TUV certified and is committed to providing the standards of
quality and customer service.
Manufacturing Facility
Current production capacity is 20 MW, which is proposed to upgrade to 40 MW in
coming two years. The production area spanning 1600 sq. meter has the capacity
to be expandable to 3200 sq. meter in the near future. In addition, 2500 sq. meter
of storage area within the facility ensures safety of both raw materials as well the
finished product.
The project is located in Bagru which is an industrial township situated 25 km
from the state capital Jaipur, and is very well-connected to the airport and the
rest of city by an eight-lane highway.
The project is capital intensive and has been funded by a consortium of 3
nationalized banks.
The German machinery & technical know-how have gone into the project, which
is mainly meant for the export market. The equipment is adaptable to future
developments in technology. This makes the project viable in the long range. Also
since the production capacity is set to be ramped up shortly, the project will be
suitably equipped to execute larger orders.
Comments –
As comparison to other companies, Ajit Solar Power is a small company. Also its
production capacity is only being 20MW presently. However its advantage is its
presence in the state of Rajasthan. This semi arid state has highest solar
illumination in India and also is an upcoming hub of Solar Power in the country.
Along with these factors, promotional policies of state government for private
investment in solar power make it a favorable destination for foreign companies.

25. 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.

26. • 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.

27. Comments-
After being established in 2006 the growth of Vikram Solar has been
considerable. It already has a manufacturing capacity of 50MW, which it proposes
to double in few years. Its growing presence in countries like Germany, US and
Kenya indicates that it is aiming the global market. Also its vertical integration
feature is a competitive advantage.

28. Limited,
WAAREE Energies Private Limited, Surat
About Company
WAAREE Energies Private Limited (WEPL) was formed in 2007 by the promoters of
the WAAREE Group of Companies to begin its foray into Renewable Energy. It is
into manufacturing of on grid and off grid PV modules.
The WAAREE Group, based in Mumbai, India, with multiple manufacturing
locations, and JVs with reputed international companies, is well established in the
field of Process Control Instrumentation and Automation products. The Group has
a widespread network of offices and distributors located strategically across the
world in more than 40 countries.
Aries Waaree Solar Pvt. Ltd (AWSPL) is JV Company between Mumbai based
Waaree, India and Aries Spain. AWSPL has bagged its first order for engineering
services to set up 40 MW Solar PV Power Plant for Adani Group Gujarat India.
Manufacturing Facility
WAAREE Energies has a modern state-of-the-art automatic production line for PV
modules at the Surat Special Economic Zone (SEZ), located 250 km. north of
Mumbai. A full range of PV modules from 3W to 250W are manufactured for
various on-grid and off-grid applications, and are exported to a number of
countries globally.
Product
WAAREE Energies manufactures PV module for both on grid and off grid
application. The product ranges from power specification from 3W to 250 W. It
provides a power warranty of up to 90% after 10 years and up to 80% after 25

29. years. PV modules are manufactured on automated lines under strict
specifications.
Certification
PV modules ranging up to 250 W are certified by TUV and in compliance with
IEC61215, IEC61730-2 and Safety Class II standards. PV modules ranging from 120
W to 240 W are ETL certified with UL1703 standard, exported to the US &
Canadian markets. WAAREE Energies are the first Indian Solar PV manufacturing
company certified by ETL.
Comments-
Backed by a strong business conglomerate, Waaree Energy expansion in
manufacturing and bagging new projects looks very much possible. The joint
venture with Aries, Spain has given Waaree Energy technical skills and
international face to successfully obtain and complete bigger projects. A
relatively younger company, it has yet to set milestones on its journey, hence
opportunities lies therewith.

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