Insolation Energy Announces Two New Solar Projects Under KUSUM C Scheme

On August 5, 2024, Insolation Energy Limited (IEL) announced significant developments in its solar power project portfolio. The company’s subsidiary, Insolation Green Infra Pvt Ltd, has signed a Memorandum of Understanding (MoU) with Ganesh Décor India Pvt Ltd. The MoU is for a major solar power project under the KUSUM C scheme in Rajasthan.

The company stated that this project, awarded by Jodhpur Vidyut Vitran Nigam Ltd (JDVVNL), has a total capacity of 22.68 MW (AC) or 29.484 MW (DC). The estimated value for the development of this project is approximately ₹118 crore, including taxes.

In addition to this, Insolation Energy Ltd has received a Letter of Award (LOA) from Jaipur Vidyut Vitaran Nigam Ltd (JVVNL) for another solar power project under the KUSUM C scheme. This project will have a capacity of 4.7 MW (AC) or 6.11 MW (DC) with an estimated project value of around ₹24.4 crore, including taxes.

Combining both projects, the total estimated capacity amounts to 27.38 MW (AC) or 35.60 MW (DC), with a total projected value of approximately ₹142.40 crore, including taxes. These new projects underscore Insolation Energy’s commitment to expanding its renewable energy footprint and contributing to the growth of solar power infrastructure in India. The partnerships and project awards reflect the company’s strategic focus on sustainable energy solutions and its ability to secure significant contracts in the competitive renewable energy market.

Earlier, in July 2024, Insolation Energy Limited reported a remarkable 181.86% year-over-year volume growth on a consolidated basis. The company stated that its revenues for Q1 of FY 2024-25 have already surpassed the total revenues of H1 FY 2023-24. Chairman Mr Manish Gupta and Managing Director Mr Vikas Jain highlighted that this is the highest quarterly sales figure the company has achieved since its inception. They expressed confidence that the strong demand driving these results will continue to fuel momentum in the upcoming quarters.

On August 05, 2024, the share price of Insolation Energy Ltd opened at ₹3,050.00, touching the day’s low at ₹2,969.70, as of 12:38 PM on the BSE.

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