Hartek Power bags 460MW solar EPC orders in first half of 2016-17, records 373% growth in order size!.
- Poised to exceed its 500-MW target for 2016-17, Hartek Power prevails over many big competitors to secure the 460-MW orders spread over six states—Punjab, Karnataka, Uttar Pradesh, Madhya Pradesh, Bihar and Maharashtra
Chandigarh, October 17, 2016: Cruising to its target of connecting 500-MW solar projects to the grid in 2016-17, Hartek Power, one of India’s fastest growing Engineering, Procurement and Construction (EPC) companies based in Chandigarh, has bagged 460-MW solar EPC orders already in the first half of the current financial year, thus registering a steep increase of 373% over last year when the company had secured just 123-MW orders.
The 460-MW solar EPC orders bagged by the company include 16 substation projects of up to 132 KV spread across six states, including Punjab, Bihar, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra. Specialising in executing high-voltage turnkey substations and power infrastructure projects, Hartek Power will provide complete turnkey solutions for these projects and execute post-inverter works covering the design, engineering, supply, installation, automation and commissioning of the power plant electrification.
“Aggressively capitalising on India’s solar overdrive, we have prevailed over many big competitors to bag these orders. Given the favourable market scenario, the proactive approach of the government is pushing solar power and our unmatched expertise in connecting solar projects to the grid, we will in fact exceed the 500-MW target quite smoothly,” said Hartek Power Chairman and Managing Director (CMD) Hartek Singh.
He, however, said Hartek Power would continue to be selective about the orders it chooses. “Known for our commitment to quality and timely execution of projects, which has won us the trust and admiration of key developers in the Indian solar space, we will not take up any order unless we are sure about delivering it in time with no compromise on quality whatsoever,” he said.
A pan-India company with presence in 17 states, Hartek Power is focusing on consolidating its position in South Indian states like Andhra Pradesh, Telangana and Karnataka, which offer immense business opportunities in the form of bigger projects, as well as traditionally well-performing states like Madhya Pradesh and Rajasthan. “While tapping business opportunities in the three southern states, where 3-GW tenders are under execution, we are also expanding our operations to new geographies like Jharkhand, which will close the bids for 1.2-GW projects in the current financial year. At the same time, we will strengthen our hold in states like Punjab where we have traditionally been doing well. In fact, out of the 500-MW solar projects awarded by the Punjab government recently in the Phase 3 auction, Hartek Power has bagged solar EPC orders for 200-MW projects, which comes to 40%,” said Hartek Singh.
A solar solutions provider known for its expertise in connecting solar power to the grid, Hartek Power has installed substations for 258-MW solar projects (till March 31, 2016) since it entered the solar EPC business three years ago. The 25-year-old company is part of the billion-INR Hartek Group, which contributes significantly towards the entire power sector value chain through its diversified portfolio covering Power Systems, Rooftop Solar, Power Distribution Products, Fuel Services and Value Added Services.
India’s installed solar generation capacity has gone up by more than three times from 2.5 GW to 8 GW in a matter of just two years, offering huge opportunities for growth to firms like Hartek Power....