Waaree Subsidiary Sangam Renewables Payments 16 MW Solar Plant

Mar 5, 2021 12:05 PM ET
  • Sangam Renewables, a publicly noted subsidiary of Waaree Energies, has actually announced on March 4 that it has commissioned a 16 megawatt (MW) solar project in Gavhankund, Maharashtra. The project has been appointed with subsidiary Waacox Energy Private Limited, Sangam Renewables said in an exchange declaring.
Waaree Subsidiary Sangam Renewables Payments 16 MW Solar Plant
Image: saurenergy.com

"Waacox Energy Private Limited, a material subsidiary, of the company has actually effectively commissioned the 16 MW mounted solar project in Gavhankund, Maharashtra under the Agri feeder scheme of Maharashtra federal government for MAHAGENCO," the filing claimed. The company had actually declared a complete earnings of Rs 7.37 crores in 2019-20, and a bottom line of Rs 3.17 crore in 2019-20. However, that hasn't quit the company's share cost to value over 300 percent in the past year on the BSE, driven by the high hopes from the renewables industry. Nevertheless, it has turned back into revenues in the 9 months ended December 2020 for this fiscal year.

Agri-feeder projects have been considered a strong development choice for smaller sized companies to build on, specifically in states where they have a solid existing existence to be able to handle the state-level bureaucracy in their respective states. For Sangam, Waaree's larger nationwide impact would probably suggest even more opportunities than several other competitors in the space. For Waaree, like various other manufacturers, an EPC subsidiary is a great pipe for its module result obviously.

In February, Convergence Energy Services Limited (CESL), a wholly-owned subsidiary of Energy Performance Services Limited (EESL), had actually provided a tender, seeking proposals from qualified companies for setting up 100 MW solar energy creating systems (SPGS) throughout various areas in Maharashtra.

The extent of benefit the chosen prospective buyers will include the layout, engineering, supply, building and construction, erection, testing and commissioning of 100 MW (advancing) SPGS in Maharashtra with individual projects varying in between 2 MW as well as 10 MW. The programmers will likewise be called for to give procedure and also upkeep (O&M) services for the plants for a duration of 12 years from the date of effective commissioning. The last day for bid submission on the tender is March 17, 2021.

Before that in January, SECI had actually provided a tender, looking for programmers for the execution of green energy modern technologies by way of carrying out a ground-based solar plant of 40 MW capacity with a 10 MW Agro PV system in the southerly state.