Wall Street Journal, has reported that Swelect Energy ltd (link), a Chennai based Manufacturer of Solar Module and other Solar BOS components in India, has acquired 49% stake in Solar Module Manufacturer HHV Solar (link).
Deal according to WSJ, was signed for Rs 22 crore. R. Chellappan, who is currently the Managing Director of Swelect Energy has been appointed as the chief executive of HHV Solar.
The Bangalore based, HHV Solar mainly manufactures both Multi, Mono crystalline modules and Thin Film Modules.
Swelect Energy, which is mainly a manufacturer of Solar modules and other BOS systems, are also active in Solar Project Development space. They have installed two 1 MW Solar Projects, one of which fall under the JNNSM Scheme and the other utilized the Solar REC Scheme by MNRE. They have also installed over 1MW of Offgrid Solar Projects through out the country.
Article Written by Rahul R Prabhu
For more Queries contact: rprabhu@renewindians.com
