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In a significant boost to its renewable energy portfolio, GK Energy Limited has announced a substantial new contract for solar-powered infrastructure.
The company has received an amendment Letter of Empanelment (LoE) from the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the deployment of thousands of solar water pumps across the state.
Project Scope and Financials The contract involves the design, manufacture, supply, installation, and commissioning of 10,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS).
These systems, varying in capacity between 3 HP, 5 HP, and 7.5 HP, will be installed throughout Maharashtra under the Magel Tyala Saur Krushi Pump Yojana and the PM Kusum B Scheme.
The total value of the 10,000 pumps is pegged at approximately ₹254.30 Crores, with the total consideration reaching ₹276.93 Crores inclusive of GST.
Execution and Key Conditions GK Energy is expected to execute this domestic order within a rapid 60-day timeframe from the date the work order or Notice to Proceed (NTP) is issued.
However, investors should be aware of a specific condition attached to this LoE by MSEDCL.
The quantity is subject to overall tender progress; if the total progress of the tender reaches 100,000 units, any remaining balance of the quantity assigned to GK Energy under this LoE will be cancelled. The company has confirmed that this is a one-time domestic contract and does not involve any related party transactions.
This development underscores GK Energy’s growing footprint in the green energy sector, specifically in providing sustainable irrigation solutions to the agricultural heartland of India.
Analogy: Installing these solar pumps is like providing a farmer with a “sun-powered tap” that never runs dry. Instead of waiting for a traditional power grid to reach their fields, the farmer can now harvest energy directly from the sky to water their crops.
This disclosure was signed by Jeevan Santoshkumar Innani, Company Secretary and Compliance Officer. The announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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