Pursuant to regulation 30 of SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that Promax Power Limited has received a letter of award from ....
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Promax Power Ltd has received a Letter of Award from Hubli Electricity Supply Company Limited (HESCOM), a Government of Karnataka undertaking, to set up a 6.0 MW (AC) grid-connected solar power project under the Build, Own and Operate (BOO) / RESCO model. The contract runs for 25 years from the Commercial Operation Date, with a tariff of ₹2.97 per unit (inclusive of taxes), translating to an estimated value of ₹70–75 crore over the contract period, subject to actual generation. The order is from a domestic entity, with no related-party interest involved. This marks the company's entry into the power generation segment and strengthens its renewable energy portfolio with a long-term recurring revenue stream.
This is a positive development for shareholders as it gives the company a long-duration (25-year) revenue stream from a government-backed utility, reduces concentration risk through diversification into power generation, and validates its renewable energy capabilities, though the ₹70–75 crore figure is spread over the full contract period.