Companies

Solar Semiconductor to acquire Solar Infra of US

Our Bureau Hyderabad | Updated on August 18, 2011 Published on August 18, 2011

( from left) Mr Ravi Surapaneni , Vice -President of Solar Semiconductor and Mr . Larry C. Holmberg , the new CEO addressing the media in Hyderabad on Thursday . - Photo: P.V.Sivakumar.   -  Business Line

Solar Semiconductor, a solar photovoltaic panel maker, has announced that it has signed up to acquire Solar Infra Inc, based in the US. The company plans to focus on Indian market both for panel supplies and off-grid lighting-cum-water pumping solutions.

The details of the acquisition, set to close shortly, were not disclosed.

“The company, which has manufacturing capacity of 195 MW of solar photovoltaic panels, employing over 800 people, closed last fiscal with revenues of about Rs 800 crore.

“Ninety per cent of the company's business comes from exports and the rest is from within India. We plan to change this mix by offering products and solutions in the domestic market,” Mr Larry C. Holmberg, the newly appointed CEO of Solar Semiconductor, said.

The industry veteran, who served at HP and Agilent Technologies, said that the global solar industry market, which is growing at a compounded annual growth rate of 14 per cent, with a demand of 17,000 MW (17 GW) is passing through tough times. “But, significantly, we see tremendous opportunity to offer off grid solutions in the Indian market,” he said.

“Solar Semiconductor has developed standalone solar power generating pumping system, which is under testing, and plans to offer micro grid off-grid solutions for a small village or a set of few small houses,” he explained.

“There is huge demand and opportunity to serve domestic companies and local communities with grid connected and off-grid solar systems. The National Solar Mission encourages to offer these by incentivising. We expect to play a bigger role by also providing consultancy services,” he said.

Published on August 18, 2011
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