Premier Energies secures ₹215 crore order for solar water pumping systems in Uttar Pradesh

Solar cell company Premier Energies Ltd on Monday (September 9) said it has received an order from the Uttar Pradesh Department of Agriculture to supply, install, and commission 8,085 solar water pumping systems across various districts in the state.

“…we would like to inform that the company has received an order from the Uttar Pradesh Department of Agriculture for the supply, installation, and commissioning with 5-year comprehensive warranty of 8,085 solar water pumping systems across various districts in the state. This project, valued at ₹215 Crore, is scheduled for completion by March 2025,” according to a stock exchange filing.

The project, valued at ₹215 crore, includes a comprehensive five-year warranty and is set to be completed by March 2025.

Also Read: Premier Energies may benefit from draft list of solar cell producers; Stock up 164% from IPO price

This initiative falls under Component-B of the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) Scheme, which is aimed at enhancing energy security for Indian farmers while supporting the country’s commitment to increasing 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 an integrated solar cell and solar module manufacturer with 29 years of experience and an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules. It has five manufacturing facilities. As of FY24, the company’s revenue from operations was Rs 3,143 crore, up from Rs 1,428 crore in the preceding fiscal year.

Shares of Premier Energies Ltd ended at ₹1,206.50, up by ₹111.10, or 10.14% on the BSE.

Also Read: Premier Energies shares deliver 164% returns from IPO price in four days of listing