Shares of Premier Energies Ltd fell 2% on Monday, 29 September, despite the company’s announcement that it had received orders worth $19.95 million for the sale and installation of solar power systems in the Republic of Benin, West Africa.

According to the corporation, the order calls for the installation of 750 rooftop solar systems at essential socio-community facilities such as district police stations, educational institutions, health centres, and special border monitoring units.

In addition, the business plans to install nearly 4,400 high-efficiency solar streetlights and 650 solar water heaters. The West African country placed the orders as part of its national drive to extend access to reliable, sustainable, and clean energy, according to the statement.

Premier Energies will work with the General Directorate of Energy Planning and Rural Electrification, which reports to the Ministry of Energy, Water, and Mines. 

The project will be financed by a Line of Credit from the Export-Import Bank of India (EXIM Bank) and the ECOWAS Bank for Investment and Development.

Premier Energies’ Managing Director and CEO, Chiranjeev Saluja, stated that the deal represents a strong validation of the company’s operational capacity and global competitiveness.  

Premier Energies announced the commercialisation of G12R N-Type solar cell technology in August, making it one of the first in India. It also introduced high-efficiency 620 W Topcon solar modules that met Domestic Content Requirement (DCR) standards at the time.

According to the company, the next-generation 620 W modules use Tunnel Oxide Passivated Contact (TOPCon) design to give better power density, enhanced temperature performance, and stronger low-light efficiency.

At 3:10 pm, the shares of Premier Energies were trading 0.81% lower at Rs 1,020 on NSE.

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