RMC Switchgears Ltd. has received an order for the development of a 41 MW AC solar PV power project in Maharashtra

RMC Switchgears Limited has been awarded a contract by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the development of a 41 MW (AC) solar photovoltaic power project in RESCO model. The project will be executed under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a scheme launched for the solarization of agricultural feeders under PM-KUSUM Scheme. This contract, awarded through a competitive bidding process and an e-reverse auction, marks a significant milestone for RMC Switchgears Limited in its ongoing efforts to expand its footprint in the renewable energy sector.

The power generated from this project will be purchased by MSEDCL at a fixed tariff, as approved by the Maharashtra Electricity Regulatory Commission (MERC), for a period of 25 years from the Scheduled Commercial Operation Date. The project will be implemented across various sites in Maharashtra, as specified by MSEDCL.

This new order not only reinforces RMC Switchgears Limited's role in advancing renewable energy but also significantly contributes to India's climate action commitments under the Paris Agreement. The company is actively pursuing additional tenders exceeding 500 MWp and is engaging with both public and private sector entities to achieve the ambitious goal of securing 1 GWp in Renewable Energy.

By collaborating with installation and commissioning experts across multiple states and leveraging their in-house team of skilled designers and supervisors, RMC is positioning itself at the forefront of the green energy revolution. The company's expansion into solar projects helps reduce carbon emissions, foster economic growth, and create green jobs, thereby contributing to India's goal of achieving 450 GW of renewable energy capacity by 2030.

With a dedicated Business Development unit continuously seeking new opportunities, RMC's efforts in the renewable sector are aligned with India's ambitious environmental targets. This initiative underscores RMC's commitment to innovation and sustainability, highlighting its role in helping India meet its climate goals and positioning the country as a global leader in renewable energy technologies.

Mr. Ankit Agrawal, CEO and Whole-Time Director of RMC Switchgears, said: "This order marks an important milestone for our company as we strive to expand our footprint in the renewable energy landscape. The development of a 41 MW (AC) solar photovoltaic power project is a testament to our commitment to participating in the strategic substitution of fossil fuels within India's energy sector."

Shares of RMC Switchgears Ltd was last trading in BSE at Rs. 912.75 as compared to the previous close of Rs. 952.00. The total number of shares traded during the day was 13500 in over 34 trades.

The stock hit an intraday high of Rs. 952.00 and intraday low of 905.00. The net turnover during the day was Rs. 12480187.00.

Source : Equity Bulls

Keywords

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