RMC Switchgears Ltd. has received a contract from the Maharashtra State Electricity Distribution Co. to develop a 41-megawatt solar photovoltaic power project.
The project was awarded through a competitive bidding process and an e-reverse auction will be executed under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, according to an exchange filing on Tuesday. It's a scheme for the solarisation of agricultural feeders under the PM-Kusum Scheme.
The power produced under this project will be bought by MSEDCL at a fixed tariff approved by the Maharashtra Electricity Regulatory Commission for 25 years from the date of operation. The company is also following up with the additional tenders that are exceeding 500 MWp along with engaging with both the public and private sectors in achieving one GWp in renewable energy, it said.
The Jaipur-based company's expansion into solar projects will help reduce carbon emissions, boost economic growth and also create green jobs. It will also contribute to the nation's aim of achieving 450 gigawatts of renewable energy by 2030, said the exchange filing.
"The development of a 41 MW (AC) solar photovoltaic power project is a testament to our commitment to participating in the strategic substitution of fossil fuels within India's energy sector," Ankit Agrawal, chief executive officer of RMC Switchgears, said.
Shares of RMC Switchgears closed 5% higher at Rs 958.35 apiece on the BSE, compared to a 0.13% rise in the benchmark Sensex.
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