Haryana-based Servotech Power Systems Ltd announced on Thursday that it bagged a contract worth $30.2 crore from the Uttarakhand New and Renewable Energy Development Agency to develop a 5.6-megawatt on-grid rooftop solar power project.
A solar rooftop on-grid power project is a system that is directly connected to the main electrical grid, allowing for the generation and use of solar power in conjunction with traditional electricity sources.
According to the statement, the project marks a massive milestone in Uttarakhand’s transition to clean power and India’s ambition to install 500 GW of renewable energy by 2030.
The scope of work involves the design, supply, installation, net metering, testing and commissioning of solar power plants across the state.
The statement added that these installations, ranging from 1 kilowatt to 1,500 kW, will be set up at government offices, colleges, hospitals and other institutions.
“We’re elated to work with UREDA in enhancing our green efforts by improving energy access and sustainability for the people of Uttarakhand,” said Sarika Bhatia, director of Servotech Power Systems Ltd., in a statement.
“This project aligns with our vision of a sustainable future and will contribute to the state’s energy security and environmental goals.”
The NSE-listed company is known for its expertise in solar and EV charging technologies and has established itself as a trusted partner among public and private companies.
It reported net sales of ₹199.67 crore in September 2024, up 132.36 percent from ₹85.93 crore in September 2023.
Its quarterly net profit touched ₹11.31 crore in September 2024, up 262.52 percent from ₹3.12 crore in September 2023.
The company’s EBITDA stood at ₹19.30 crore in September 2024, up 223.28 percent from ₹5.97 crore in September 2023.
