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Premier Energies’ arm bags solar module supply order

9 Oct 2024 , 04:00 PM

Premier Energies‘ shares surged 7% to ₹1,085 after the company reported a big step forward in its renewable energy initiatives. Premier Energies International, the company’s subsidiary, has signed a solar module supply agreement with BN Hybrid Power-1, a special purpose vehicle owned by BrightNight India.

In Wednesday’s trading session, the counter closed 6.11% higher at ₹1,076.25 per piece, against the previous close of ₹1,014.30 on NSE.

Premier Energies will provide 173.35 MWp of sophisticated n-type TOPCon bifacial solar modules for BrightNight’s ambitious 300 MW renewable energy project under this arrangement. This project, which will be situated in Rajasthan’s Barmer area, intends to generate a reliable and dispatchable energy source by combining solar, wind, and energy storage technologies.

The first shipment of these modules is scheduled to occur in July 2025. This agreement demonstrates Premier Energies’ commitment to increasing its footprint in the renewable energy sector, as well as the growing demand for innovative solar solutions in India, according to a regulatory filing.

Last month, the Uttar Pradesh Department of Agriculture granted Premier Energies a contract for the supply, installation, and commissioning of 8,085 solar water pumping systems across the state’s districts, with a comprehensive 5-year guarantee. The purchase is anticipated to be completed in March 2025.

Premier Energies is a recent newcomer to the primary market, having made its stock market debut on September 3. The company’s shares were offered at ₹991, representing a whopping 120% premium over the IPO issue price of ₹450 per share.

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