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SIDBI Venture Capital to exit India's HHV Solar

  • Andrew Woodman
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SIDBI Venture is set to exit HHV Solar following the Indian company's INR220 million ($3.9 million) investment from Swelect Energy Systems, a Chennai-based power electronic and renewable energy firm.

SIDBI had jointly invested $7 million in HHV Solar through its small- and medium-sized enterprises (SME) growth fund alongside with Aureos Capital in 2008. According to a regulatory filing, Swelect will subscribe to 1.01 million new shares in the company and purchase 817,000 shares from SIDBI. SIDBI is expected to get a return of as much as INR98 million on its investment.

Founded in 2008, Bangalore-based HHV Solar Technologies is a subsidiary of Hind High Vacuum Company and manufactures solar products and solar technology-based solutions.

Swelect, formerly Numeric Power Systems, provides end-to-end solutions for solar power installations. The firm has installed more than 1,000 off-grid solar power generation systems - each of 1 megawatt - for rural schools, banks, ATMs and other corporate customers. Shares of Swelect were trading at INR144.50 a unit on Tuesday, down 0.31% in a strong Mumbai market.

SIDBI reached a final close on its latest India Opportunities Fund, which on micro-enterprises and SMEs, at INR6 billion last June.

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