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GRE Renew Enertech Limited has received a Letter of Award (LOA) from Solarium Green Energy Limited for an approximately 50 MW AC/65 MW DC ground-mounted Solar PV project. In a regulatory filing, GRE Renew Enertech said the turnkey EPC contract includes civil, structural, electrical, and allied infrastructure works, along with Operation and Maintenance (O&M) services for three years.
Its aggregate contract value with Solarium Green Energy Limited is ₹175 crore (exclusive of applicable taxes), comprising ₹170 crore towards the EPC contract for the execution of the Solar PV project and ₹5 crore towards Operation and Maintenance (O&M) services for a period of three years (36 months). Payments will be made in accordance with the terms of the Letter of Award.
GRE Renew Enertech Limited clarified that the Letter of Award has been received in the ordinary course of its Engineering, Procurement, and Construction (EPC) business. The project relates to the turnkey execution of EPC works for a utility-scale Solar PV project, along with Operation and Maintenance (O&M) services, and is consistent with the company’s existing line of business.
The company further stated that the Letter of Award does not involve entry into any new business segment and does not result in any change to its business model, capital structure, financial position, or risk profile beyond the ordinary course of business. It added that the commercial terms are customary for contracts of this nature and do not contain any unusual or extraordinary stipulations.
The disclosure further clarified that it contains only factual information regarding the receipt of the Letter of Award and should not be construed as containing any forward-looking statements, financial projections, earnings estimates, or guarantees of future performance.
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