Premier Energies bags ₹215 Crore for solar water project

10 Sep 2024 , 01:33 PM

Premier Energies Ltd, a solar cell firm, announced on Monday (September 9) that it had secured an order from the Uttar Pradesh Department of Agriculture to supply, install, and commission 8,085 solar water pumping systems across the state’s districts.

The ₹215 Crore project includes a five-year warranty and is expected to be completed by March 2025.

This initiative is part of Component-B of the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) Scheme, which aims to improve energy security for Indian farmers while also supporting the country’s commitment to increase the share of power generated from non-fossil fuel sources to 40% by 2030 as part of India’s Intended Nationally Determined Contributions (INDCs).

Premier Energies is a fully integrated solar cell and module producer with 29 years of experience and an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules. It operates five manufacturing sites. As of FY24, the company’s operating revenue was ₹3,143 Crore, up from ₹1,428 Crore the previous fiscal year.

At around 11.17 AM, Premier Energies was trading 2.45% higher at ₹1,238.25 per piece, against the previous close of ₹1,208.65 on NSE. The counter touched an intraday high of ₹1,267.95, and ₹1,225, respectively.

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