(SeeNews) – Jan 5, 2015 – US-based WindStream Technologies (OTCBB:WSTI) said on Monday it has broken ground on its hybrid renewable power systems factory outside of Hyderabad, India.
Sri Kiran Technologies is building the production facility on a land plot it owns near the Rajiv Gandhi International Airport. WindStream expects that the manufacturing plant will be ready to be occupied in March 2015.
The new 50,000-sq-ft (4,650 sq m) factory will look like WindStream’s existing one in North Vernon, Indiana. It will be used for the production of the company’s SolarMill wind-solar hybrid systems, serving the Indian and South Asian markets.
WindStream estimates that it will manufacture at least 5,000 SolarMill systems this year, with the first products to become available early in the second quarter of 2015. The company’s forecast is that it could generate between USD 20 million (EUR 16.8m) and USD 30 million in revenue during the first year of production, based on US pricing models and margins.
“I expect that within a few months after launching the facility and securing the needed certifications we will be sold out of product for 2015,” said Venkat Kumar Tangirala, WindStream South Asia’s president.
Financing for the project comes from the USD-2-million joint venture deal, unveiled last month, with Chennai-based West Coast Ventures (India) Pvt Ltd and Deepan Group.
(USD 1.0 = EUR 0.838)