Premier Energies has received an order worth Rs 215 crore for solar water pumping systems

Premier Energies is a manufacturing company that specializes in producing solar cells and solar modules. It was founded in 1995. Premier Energies, a leading innovator in photovoltaic products and solutions, is supported by GEF Capital, a private equity firm headquartered in Washington, DC. The state-of-the-art manufacturing facilities of Premier Energies span three distinct locations in Telangana, with a combined land area exceeding 44.91 acres. The company will have the ability to produce 2. GW of solar cells and 3.36 GW of solar modules annually as of March 31, 2024. A further 75 acres of land, comprising a Topcon Cell line and module line, are presently being developed. A cell and module facility is anticipated for these new establishments.

Premier Energies awarded with a Rs. 250 crore project in Uttar Pradesh:

Premier Energies Ltd., a manufacturer of solar cells, announced on Monday, September 9, that the Uttar Pradesh Department of Agriculture has given it an order to supply, install, and commission 8,085 solar water pumping systems in the state’s various districts. We would like to let you know that the Uttar Pradesh Department of Agriculture has given the company an order for the provision, setting up, and commissioning of 8,085 solar water pumping systems in the state’s various districts. The estimated completion date of this Rs. 215 crore project is March 2025, as per a stock exchange filing. The project is estimated to cost Rs. 215 crore and should be completed by March 2025. A comprehensive five-year warranty is included with it.

PM-KUSUM Scheme:

This program is part of the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) Scheme, Component-B, which aims to support India’s commitment to raising the share of power generated from non-fossil fuel sources to 40% by 2030 as part of the country’s intended nationally determined contributions (INDCs). The program also supports the country’s farmers’ efforts to improve energy security.

With 29 years of experience, Premier Energies is a manufacturer of integrated solar cells and solar modules with an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules. It operates five production sites. Revenue from operations for the company as of FY24 was Rs 3,143 crore, up from Rs 1,428 crore in the previous fiscal year.

Premier Energies Ltd. stock is up more than 3%:

Currently, the share price of Premier Energies Ltd. is Rs. 1241, with a high trade price of Rs. 1267.95. The stock of the company, which received an order for a solar water pumping system worth Rs. 215 crore on September 9th, rose 8.67% to a record high of Rs. 1,190.35 yesterday. The multibagger scrip has gained 164.52% from its Rs 450 initial public offering (IPO) price to this point.

Conclusion: Premier Energies Ltd. is demonstrating notable growth following its initial public offering (IPO), and this new Rs. 215 crore project has increased sales even further.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.