California-based power solutions company, Power-One, Inc. (Nasdaq: PWER) has installed 25-megawatts of solar power inverters in India -- the inverters will be employed in one of the country's largest solar farms.
The solar power plant, located in Gurajat, covers 50 hectares which will be littered by more than 100,00 polycrystalline solar panels. The project is expected to be complete by the end of the month. Power-One's inverters will help transfer the solar energy collected by the panels to the electric grid.
India, alongside China, represents one of the globe's most energy-hungry nations. Through an ambitious energy plan, the government has made it clear that renewable energy will play an ever-increasing role in meeting the country's energy needs. As a result, renewable energy companies have been flocking to the sub-continent in an effort to secure a slice of the pie.
Power-One appears to have created a solid business foundation in this emerging market. In December, the company announced that it had sold 120 MW of solar inverters to the Indian market in 2011. To put this in perspective, through the first three quarters of 2011, Power-One shipped 2.1 gigawatts of inverters.
Although the company provides power solutions beyond the renewable energy industry, Power-One's renewable energy business operations generates the majority of the revenue. This may not be surprising considering the company claims to be the second largest manufacturer of photovoltaic solar inverters on the planet.
According to its third-quarter financial statement, Power-One reported net sales of $245 million, with its Renewable Energy Solutions branch contributing $174 million of those sales. The company has seen shipments of its inverters grow in 2011. Through the first three quarters of the year the company shipped 19% more inverters compared to the same time period in 2010.
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