Hyderabad: Betting big on Prime Minister Narendra Modi’s plans to generate 100 gigawatts power by harnessing solar energy, city-based Nuevosol Energy, a solar power racking and EPC solutions provider, has decided to set up four new manufacturing plants.
According to Himamsu Popuri, the CEO and MD of Nuevosol Energy, “The company is planning to set up four new manufacturing plants in addition to the existing one in Hyderabad. After the expansion, the company will have a capacity to serve 12,000 MW orders on its own.”
The company, which also has tied up with other OEMs, expects to more than double its turnover at Rs 400-500 crore in the current financial year compared to Rs 180 crore in the fiscal 2015-16.
Mr Popuri said the five-year-old company has already executed the rest of the plant work (minus solar modules) for over 1,500 MW solar capacity in the country. The company, he said, does not expect to raise any external funding as the internal accruals for adequate to fund its business and expansion.
