Selection of Solar Power Generators (SPGs) on the basis of Build Own and Operate (BOO) for Establishing Solar Power Plant/Project of an aggregate capacity of 62 MW(AC)
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Ravindra Energy Limited has received 13 Letters of Award from Hubli Electricity Supply Company Limited (HESCOM), a Karnataka government-owned power utility, to set up a 62 MW (AC) solar power project under the Build Own & Operate model. The projects will be spread across 13 HESCOM sub-stations in Karnataka, with an average tariff of Rs. 2.95 per unit under a 25-year Power Purchase Agreement. The estimated capital expenditure for the project is approximately Rs. 225 crore, and commissioning is targeted within 12 months from the PPA date. The order is domestic in nature and there is no related party involvement.
This is a sizeable order for Ravindra Energy, adding long-term (25-year) revenue visibility once the project is commissioned within 12 months. The Rs. 225 crore solar capex could materially boost the company's order book and future earnings, though execution and funding risks remain. Positive for the stock in the near term as it expands the company's renewable energy portfolio.