Ashish Kacholia-backed multibagger solar company bags single largest order worth Rs 500.50 crore from Rajasthan Renewable Energy Corporation Ltd
The stock gave multibagger returns of 130 per cent in just 6 months and a whopping 550 per cent in 1 year.
On Wednesday, shares of the solar company gained over 10 per cent to Rs 3,654.50 per share from its previous closing of Rs 3,318.20. The stock’s 52-week high is Rs 3,979.85 while its 52-week low is Rs 520. The stock gave multibagger returns of 130 per cent in just 6 months and a whopping 550 per cent in 1 year.
The buzzing solar company is INSOLATION ENERGY LTD.
Insolation Energy Ltd. has achieved a significant milestone by securing a substantial order from the Rajasthan Renewable Energy Corporation Ltd. (RREC). This comprehensive Operation and Maintenance (O&M) contract, valued at Rs 500.50 crore, spans 25 years and encompasses the design, supply, erection, testing, commissioning, and maintenance of 77 MW of grid-connected rooftop solar photovoltaic power projects across various government buildings in Rajasthan. This domestic contract is slated for completion within 18 months.
This landmark contract represents a pivotal moment for Insolation Energy Ltd., solidifying its position as a leading player in the renewable energy sector. The company's ability to consistently deliver high-quality solutions and its unwavering commitment to operational excellence have been instrumental in securing this prestigious order. This achievement not only reflects the dedication and expertise of Insolation Energy's teams but also underscores the company's strategic focus on expanding its customer base and optimizing its operations. As Insolation Energy continues to innovate and adapt to the evolving energy landscape, it is well-positioned to capitalize on future opportunities and drive sustainable growth.
Earlier, Insolation Green Energy Private Limited, a wholly-owned subsidiary of Insolation Energy Ltd, secured two significant contracts within the solar energy sector. Firstly, they have awarded a purchase order to Zetwerk Manufacturing Business Private Limited for the supply of 550 Wp solar PV modules at the NTPC Khavada Gujarat site, valued at Rs 208,31,97,917 (including GST). Secondly, the company itself was awarded a contract by Rays Green Energy Manufacturing Private Limited to supply 545WP SPV Panels, valued at Rs 34,21,08,979.60. Both contracts are domestic and expected to be executed within the fiscal year 2024-25.
Furthermore, an ace investor, Ashish Kacholia’s company - Bengal Finance & Investment Pvt Ltd bought 1,21,600 shares via preferential issue for Rs 3287 per share aggregating to approx. Rs 40 crore.
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Insolation Energy Ltd, founded in 2015, is a leading manufacturer of high-efficiency solar panels and modules. Based in Jaipur, India, the company operates a 200 MW manufacturing facility and has recently announced plans to expand its capacity to 500 MW through a subsidiary. In addition to manufacturing, Insolation Energy also provides solar power conditioning units, lead-acid batteries, and EPC services. Its major domestic customers include Livguard Energy Technologies Pvt Ltd, Livfast Batteries Pvt Ltd, Shakti Pumps India Ltd, Microtek International Pvt Ltd, Sunroof Tech Pvt Ltd, etc.
Investors should keep an eye on this solar stock.
Disclaimer: The article is for informational purposes only and not investment advice.