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Alpex Solar Secures an Order for Solar Water Pumps from Jharkhand Renewable Energy Development Agency

The shares of this newly listed company have delivered an impressive return of around 225% over its final issue price.

Order Details

Alpex Solar Limited, a prominent manufacturer of solar panels in India, has recently announced securing prestigious orders valued at Rs. 11.9 crore from the Jharkhand Renewable Energy Development Agency. This project falls under the ambit of the PM-KUSUM scheme, a government initiative aimed at empowering farmers with clean and sustainable energy solutions.

The contract entails the supply, installation, and commissioning of 500 solar water pumping systems across Jharkhand. As per the agreement, Alpex Solar must complete these projects within 120 days of receiving the official work order.

Expanding Footprint Under PM-KUSUM

This latest win comes on the heels of Alpex Solar’s success in Haryana earlier this year. In March 2024, the company secured multiple orders worth Rs. 43.70 crore for similar solar water pumping systems under the PM-KUSUM scheme in that state. Additionally, Alpex Solar is empanelled and approved to install these systems in Rajasthan, further solidifying their presence in the clean energy solutions market for agriculture.

A Commitment to Solar Power Innovation

Alpex Solar’s product portfolio is diverse, encompassing various solar photovoltaic (PV) modules, including bifacial, mono-perc, and half-cut technologies. They also offer comprehensive solar energy solutions, including engineering, procurement, and construction (EPC) services for both surface and submersible AC/DC solar water pumps.

Commenting on the new orders, Ashwani Sehgal, Managing Director of Alpex Solar, highlighted the company’s dedication to the solar water pump segment and their proven track record. He expressed their ambition to become a market leader in this space and actively expand their operations across different regions in India.

Sustainable Solutions for Rural Development

Sehgal further emphasised the positive impact these solar pumps will have on rural areas. By facilitating a shift towards clean energy for irrigation, these projects contribute to a more sustainable development model. This not only enhances the productivity of crops but also empowers farmers, fostering positive change in rural communities.

Government Backing for Clean Energy

The PM-KUSUM scheme is a flagship initiative launched by the Indian government. It aims to ensure energy security for farmers while supporting India’s commitment to clean energy transition. As part of the Intended Nationally Determined Contributions (INDCs), India has pledged to increase its installed capacity of electric power from non-fossil fuel sources to 40% by 2030.

Component B of the PM-KUSUM scheme specifically targets individual farmers in off-grid regions with limited access to grid power. This component provides support for installing standalone solar agriculture pumps with capacities of up to 7.5 horsepower, replacing existing diesel-powered pumps or irrigation systems. The scheme also allows for the installation of pumps exceeding 7.5 horsepower.

Looking Ahead: Growth and Sustainability

Alpex Solar’s recent land acquisition in Uttar Pradesh for a new manufacturing facility further demonstrates its commitment to growth and innovation in the solar energy sector. This 25,873 square meter plot, acquired for an estimated Rs 15.04 crore, will be dedicated to the production of solar panels and modules.

Alpex Solar’s commitment to excellence and innovation serves as a significant growth driver in the renewable energy sector. With a focus on project planning, the company leverages state-of-the-art fully automatic robotic facilities to ensure meticulous execution and stringent quality controls throughout the project lifecycle. Through significant investments in research and development, Alpex Solar continuously enhances its product offerings, incorporating super bill of materials (BOM), cutting-edge cells, and superior modules for optimal performance. Certified by reputable standards such as ALMM, IEC, and BIS, Alpex Solar’s PV panels epitomize high quality and cost-effectiveness, making them a preferred choice for premium yet affordable solar solutions. This relentless pursuit of excellence and innovation positions Alpex Solar as a leading player driving growth and advancement in the renewable energy industry.

Alpex Solar Ltd was recently listed as a Small and Medium Enterprise (SME) company. Shares of the company are presently trading at Rs 376, reflecting a slight decline of 0.11% compared to yesterday’s closing value of Rs 376.40. The stock’s 52-week high stands at Rs 419.75, while its lowest point during the same period was Rs 235.

Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.

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