Annoucement pursuant to commence of implementation of project and material procurement order of Approximate Rs. 104.52 Crores.
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Emrock Corporation Ltd's Board has approved commencement of a 24 MW AC Solar Power Project under a Power Purchase Agreement with Uttar Gujarat Vij Company Limited (UGVCL). The company has placed a procurement order worth approximately Rs. 104.52 crores with Greenpill Renewable Energy Limited for Solar PV Modules/Panels. The project will be set up at six locations in Gujarat (Village Kada, Kakoshi, Kamana, Mitha, Sadra & Umbari), each location having 4 MW capacity. Power generation is expected to commence by May 24, 2027, with an estimated annual revenue of approximately Rs. 127.51 crore (Rs. 1275.12 lakh) from the 25-year PPA. The transaction is not a related party transaction.
This is a significant capital expenditure announcement indicating the company's expansion into renewable energy. The Rs. 104.52 crore investment represents a major diversification move, which could be positive for shareholders interested in the company's growth trajectory in the solar energy sector.