Bangalore, Karnataka India (PressExposure) June 08, 2011 -- The Solar Energy Company to adopt parent Company Name.
SunTechnics Energy Systems, one of India's largest companies dedicated to solar energy today announced that it would adopt its parent company name "Conergy" and be recognized going forward as Conergy Energy Systems. SunTechnics began its Indian operations in 2005 and the name change is in line with the company's strategy to be recognized as "Conergy" worldwide.
Further to this announcement, the Indian entity will now focus largely on small and large scale solar photovoltaic projects. The company operates two core businesses: grid-connect systems (large scale solar parks) and off grid systems (Stand alone SPV Systems). The company's product portfolio will continue to include Conergy grid-connect components, sourced from its European and North American factories and off-grid systems produced from its Bangalore facility which for the time being will continue to be promoted under the SunTechnics brand.
Conergy's customers in India include giants in the telecom, oil and gas, government nodal agencies and manufacturing sectors, as well as the state and national government units.
Speaking on the development Mr. Prakash Shetty, CEO and Director of SunTechnics said, "The initiative to adopt our parent company's name coupled with Conergy's continued expansion and active participation in this market is a clear indication of Conergy's long-term commitment to the strategic Indian market. The Indian market is strongly driven by a high need for electricity. Off-grid is one of Conergy's pillars for success and growth in India, with booming sectors like rural electrification, rooftop systems, BIPV, telecommunications, railways - of which we own a significant market share. The Year 2011 started with a well planned expansion of the company's SPV module manufacturing capacity from 4 MW to 25 MW which was followed by several significant orders that has helped Conergy develop a formidable business backlog. Our EPC business has developed very encouragingly due to the support from the National Solar Mission and incentives from individual states. India's National Solar Mission calls for the installation of 20 GW by 2020."
Strong growth expected
Solar energy has gained considerable importance in Asia over the past year - and the market will continue to grow rapidly. Industry experts at Bank Sarasin Asia estimate that in 2010 solar PV installations grew by 87% percent globally.
In 2010, the most promising market was India, which grew by 166 percent. Bank Sarasin estimates that India recorded 80 MW of newly installed solar capacity last year. Furthermore, they anticipate that the Indian PV market will grow by 76% annually in the period from 2009 to 2015.