Solarworld Energy Bags Rs 806-Crore EPC Order; Shares End 3% Higher

Shares of Solarworld Energy Solutions Ltd ended 3% higher on 9th December after the firm said it had signed a Battery Energy Storage Purchase Agreement with Gujarat Urja Vikas Nigam to develop a 200 MW/400 MWh Battery Energy Storage System in Gujarat.

The EPC contract is valued at about Rs 806.4 crore, excluding taxes, and will be executed over 12 years. The order was awarded under the tariff-based competitive bidding framework issued earlier this year.

The company recently made its stock-market debut on 30th September, listing at Rs 389 per share. This was an 11% premium to its issue price of Rs 351. Despite the EPC win, the stock is still about 18% below its IPO price.

The Rs 490-crore IPO included a fresh issue of Rs 440 crore. Additionally, there was an offer-for-sale of Rs 50 crore by promoter Pioneer Facor IT Infradevelopers.

At 3:30 PM, shares of Solarworld Energy ended 3.08% higher at Rs 293.30 on NSE.

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