NSE-Listed Stock Servotech Renewable Surges Nearly 7% On Securing Major Rooftop Solar Order From MP Govt

The largest producer of solar solutions in India, Servotech Renewable Power System Ltd said on Tuesday that it has obtained a 16 MW grid-connected solar rooftop project from Madhya Pradesh Urja Vikas Nigam Ltd., Department of New and Renewable Energy. This news came after market hours, with the stock ending 6.96% higher on the NSE on 24th June at Rs 147.95 per share with a market cap of Rs 3,326.59 Cr.

The design, provision, installation, and commissioning of on-grid rooftop solar systems, which range in capacity from 1 KW to 500 KW, are all included in the project, which will be executed by Servotech Renewable from start to finish in accordance with the conditions of the agreement.

"The project aims to solarize multiple government buildings and offices in various locations across the state of Madhya Pradesh, significantly contributing to the state's ambitious renewable energy goals and broader decarbonisation efforts. A comprehensive 5-year warranty will accompany the installations, guaranteeing reliable and uninterrupted clean energy generation for the duration," said Servotech Renewable Power System in an NSE filing today.

Sarika Bhatia, Director, Servotech Renewable Power System Ltd., commented, "This is a major leap forward for Servotech. We've already been working with many states' Nodal agencies across the country, and we're happy to step into Madhya Pradesh. This project aligns seamlessly with India's national renewable energy targets and will help accelerate Madhya Pradesh's clean energy transition by supporting the state government's vision to solarise their infrastructure and build a more sustainable future. We're honoured to contribute to this transformative journey of the state of Madhya Pradesh. This project strengthens our position, establishing us as a key player in improving India's solar infrastructure."

This noteworthy project demonstrates Servotech's dedication to developing India's renewable energy sector and strengthens its proficiency in large-scale solar installations. This project demonstrates Servotech's expanding footprint and commitment to building a sustainable future for India.

On June 20, Servotech Renewable Power System officially executed a contract for the acquisition of a 27 percent ownership stake in Rhine Solar Limited, a reputable PV module manufacturer with ALMM certification situated in New Delhi, India. Servotech's current capabilities in solar solutions and EV charging are enhanced by the synergistic acquisition of a stake in Rhine Solar Ltd. In Servotech's long-term plan to diversify its renewable energy supplies and establish itself as a leading supplier of solar solutions in India, this strategic acquisition represents a critical turning point.

An NSE-listed company, Servotech Renewable Power System Limited (formerly Servotech Power Systems Ltd.), is a key player in the development of India's EV tech infrastructure through the development of tech-enabled EV charging solutions.