Shares of Solarworld Energy Solutions Ltd skyrocketed 14% on 29 December after the company announced securing a LoA worth Rs 725.33 crore for developing a 250 MWac grid-connected solar PV project from NTPC Renewable Energy. 

Solarworld Energy has secured a Letter of Award from NTPC Renewable Energy Ltd. to build a 250 MW (AC) grid-connected solar power project under the Engineering, Procurement and Construction (EPC) model. As per the exchange filing, the order is worth about Rs 725.33 crore and has been awarded by a domestic entity. Solarworld Energy will handle the entire EPC work, from design to commissioning, and plans to complete the project in FY 2026–27.

Earlier, in May 2024, the company partnered with China-based ZNSHINE PV-Tech Co. Ltd. to set up a solar module manufacturing facility. Its key customers already include SJVN Green Energy and Haldiram, reflecting a growing client base in the renewable energy space.

The company raised funds through its IPO in September, which included a fresh issue of 1.25 crore shares worth nearly Rs 400 crore and an offer for sale of 14 lakh shares worth Rs 50 crore. The IPO was priced in the range of Rs 333 to Rs 351 per share, with a lot size of 42 shares.

Solarworld Energy said it will use the proceeds from the fresh issue mainly to invest in its subsidiary, KSPL, to partly fund the Pandhurna Project. It will use the remaining amount for general corporate needs.

Founded in 2013, Solarworld Energy Solutions Ltd. provides solar EPC services using an asset-light business model. The company offers end-to-end project execution while customers retain asset ownership, helping businesses adopt solar power with minimal upfront costs.

At 11:51 am, the shares of Solarworld Energy Solutions were trading 9.88% higher at Rs 290.75.

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