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HomeMarket NewsSolarworld Energy bags ₹806 crore EPC order from Gujarat Urja Vikas Nigam
Solarworld has secured an EPC order worth ₹806.4 crore from Gujarat Urja Vikas Nigam for developing a 200 MW/400 MWh battery storage project. The newly listed stock remains 18% below its IPO price.
Solarworld Energy Solutions has signed a Battery Energy Storage Purchase Agreement with Gujarat Urja Vikas Nigam for the development of a 200 MW/400 MWh Battery Energy Storage System in Gujarat.
The EPC contract is valued at about ₹806.4 crore, excluding taxes, and will be executed over a 12-year period. The order falls under the tariff-based competitive bidding framework issued earlier this year.
Following the announcement, shares of Solarworld hit an intraday high of ₹297.70, before trading at ₹289.40 on the NSE at 2:53 PM, up 1.7% for the day.
The company recently made its stock-market debut on September 30, listing at ₹389 per share — an 11% premium to its issue price of ₹351. Despite the EPC win, the stock remains about 18% below its IPO price.
Read more here: Solarworld Energy Solutions shares list with a 11% premium in comparison to its issue price
The ₹490 crore IPO comprised a fresh issue of ₹440 crore and an offer for sale of ₹50 crore by promoter Pioneer Facor IT Infradevelopers.
