Borg Energy aims at USD 115m in revenues in 6 mo - report

Nov 8, 2013 - Indian solar systems maker Borg Energy intends to generate INR 7.2 billion (USD 115m/EUR 86m) in revenues in the next six months, the Deccan Chronicle said Thursday.

More specifically, Borg Energy plans to receive INR 4 billion from sales in the residential segment, while the rest are expected to come from the commercial market, the newspaper cited Borg Energy’s director M S Sundarajan as saying. It intends to provide its products to 40,000 households and 1,000 small and medium-sized enterprises (SMEs).

The company, part of US firm Borg Inc, started offering its micro solar power products in India about nine months ago and plans to soon be present in 14 Indian states. Now it operates in Tamil Nadu, Andhra Pradesh and Karnataka only. The firm has recently joined hands with Shriram City Union Finance Ltd and Bajaj Financial Services Ltd to provide loans to its clients for the construction of solar plants. Under the financing options, customers can select monthly instalment schemes for 12 to 18 months with one-third of the cost as down payment.

Borg Energy offers rooftop solar power plants of between 500 W and 2,500 W, with prices ranging from INR 50,000 to INR 250,000. Currently, it imports the systems but in future it intends to start making them in India.

(INR 100 = USD 1.594/EUR 1.190)

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