Shares of Insolation Energy surged over 10 percent on the BSE following the announcement of a major Rs 500 crore order from Rajasthan Renewable Energy Corporation Ltd (RREC).
The contract, which is the largest single order in the company's history, is for the design, supply, erection, testing, and commissioning of rooftop solar power projects on state government buildings in Rajasthan's Ajmer, Jaipur, and Kota districts. The project also includes a comprehensive 25-year operation and maintenance agreement.
At 1.25 PM, shares of Insolation Energy were trading 7 percent higher at Rs 3,536 on the BSE. Year-to-date, the stock has surged an impressive 345 percent, reflecting a tremendous growth trajectory in 2024.
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Insolation Energy had recently secured a Rs 208.3 crore order from Zetwerk Manufacturing, bringing its total recent orders to over Rs 708 crore. This combined value already surpasses the company's total sales for the first half of FY25.
"Our continued success is the direct result of the collective efforts of our exceptional teams across production, sales, and marketing. Their dedication, expertise, and relentless pursuit of excellence have been instrumental in driving Insolation Energy to new heights. This achievement also underscores our commitment to enhancing operational efficiency, optimizing working capital, and strategically broadening our customer base," the company said in a press release.
Insolation Energy is a solar energy company that manufactures and supplies solar products such as modules, batteries, power conditioning units, and charge controllers, while also offering solar solutions for homes, businesses, and industries. Its manufacturing facilities are located in Rajasthan and Jaipur.
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