Saatvik Green Energy wins Rs 1,041.63 crore SECI order; execution by December 2027
New Delhi, September 16
Saatvik Green Energy has bagged a major order from Solar Energy Corporation of India Limited worth Rs 1,041.63 crores, as per an exchange filing shared by the company on Wednessday.
The company said in the exchange filing, it would execute the order by December 2027.
"Saatvik has been awarded a 600 MWp capacity package, with an aggregate order value of INR 1,041.63 crores," the company said in the exchange filing.
As per the filing, the order covers the manufacturing, testing, packing, supply and transportation of solar PV modules. The company will develop these modules using domestic solar cells, in line with the tender's requirements.
"Saatvik Green Energy Limited today announced that it has been selected by Solar Energy Corporation of India (SECI) as one of the bidders under a tender for the manufacturing, testing, packing, supply, and transportation of domestically manufactured solar PV modules using domestic solar cells."
Saatvik is a solar photovoltaic (PV) module manufacturer. As of September 16, the company had a market capitalisation of Rs 5,316.80 crore as per the data available on BSE.
At the time of reporting, shares of Saatvik Green Energy were trading at around Rs 418.30, up 28.65 points or 7.35 per cent against the previous close of Rs 389.65 per share.
Commenting on the development, Prashant Mathur, CEO, Saatvik Green Energy Limited, said, "The 600 MWp order from SECI, under a tender requiring domestically manufactured solar cells, is significant not only for its scale but for what it represents for India's renewable energy ecosystem. It reflects the growing momentum behind domestic manufacturing and the shift towards a more integrated and self-reliant solar value chain an evolution that Saatvik has been strategically building for."
"With our 4.86 GW module manufacturing facility in Ambala and our integrated manufacturing expansion in Odisha comprising 2.4 GW of cell and 4 GW of module capacity in Phase I, with a further 3.6 GW of cell capacity proposed in Phase II, we are building the capabilities required to participate meaningfully across the solar manufacturing value chain. As our Odisha cell facility progresses towards ALMM List-II enlistment, we are strengthening our ability to meet evolving domestic-content requirements with greater depth and scale," he added further.
— ANI
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