Solar tracking systems manufacturer SmartTrak is keen on tapping at least 20 per cent of the 5,000-Mw solar power capacity, set to be commissioned in the country by 2020.
“Investments into solar capacity creation are gaining ground in the country for a variety of reasons and we are constantly innovating to make technology affordable for power producers to farmers to set up solar units,” said Bhagawan Reddy Gnanapa, CEO and director of SmartTrak.
The annual Rs 60 crore revenue company is “confident of closing the current fiscal with tracking systems orders for 100-Mw in the domestic market and plans to take this to 1,000-Mw in the next five years.”
Solar tracking systems orient or align the photovoltaic cells (panels) towards the changing direction of the sunlight in the course of the day. SmartTrak claims its systems help in generating 45 per cent more energy, compared with the traditional fixed solar panels.
The cost of installing comes to around 8 per cent of the total investment for a solar power project.
The company has so far installed its systems across 30-Mw solar capacity in and around Hyderabad. Gnanapa said they would now look to expand pan-India and were eyeing sale of their systems to players in West Asia. “There is a growing interest among countries in West Asia to minimise dependence on fossil fuels,” said chief marketing officer Naveen Tadpatri.
SmartTrak is looking at going public in the next fiscal and "is in talks with select merchant bankers to evaluate the company's market valuation".
The company has a manufacturing facility to serve 30-Mw solar capacity at the Hardware Technology Park near Hyderabad. It has invested Rs 5 crore in the facility.