Surana Solar Limited, a leading solar energy company in India, has secured a 54 MW solar power project from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The project, valued at ₹189 crore, is part of the Mukhyamantri Saur Krushi Vahini Yojna 2.0, a scheme aimed at promoting solar energy adoption in the agricultural sector under Component C of the PM-KUSUM Scheme.
Surana Solar will develop the project in Maharashtra with a tariff rate of ₹2.99 per kWh and receive a subsidy of ₹1.03 crore per MW. The company is expected to complete the project within 12 months from the date of the award, and the power generated will be procured by MSEDCL under a 25-year contract from the project’s commissioning. This win strengthens Surana Solar’s position in the growing renewable energy market in India.
Key Insights:
- Focus: The news highlights Surana Solar’s successful bid for a significant solar power project in Maharashtra, indicating the company’s growing presence in the renewable energy sector.
- Key Events: Surana Solar received a Letter of Award (LoA) from MSEDCL for the development of a 54 MW solar power project under the Mukhyamantri Saur Krushi Vahini Yojna 2.0.
- Potential Impact: This project is expected to contribute to Maharashtra’s renewable energy capacity and support the state’s efforts to promote sustainable agriculture practices. It also strengthens Surana Solar’s project portfolio and revenue stream.
Investment Implications:
- Positive Sentiment: This news can potentially boost investor confidence in Surana Solar and its growth prospects.
- Sectoral Growth: The increasing government focus on renewable energy, particularly through schemes like PM-KUSUM, indicates a positive outlook for the solar energy sector in India.
- Actionable Advice: Investors interested in the renewable energy sector might consider adding Surana Solar to their watchlist and conducting further research on the company’s financials and future projects.
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