Solarium Green Energy has secured a 6,929 kW grid-connected rooftop solar contract from NTPC Vidyut Vyapar Nigam (NVVN) for installations at various central armed forces and Ministry of Home Affairs departments in Uttar Pradesh (Zone 4). The project, valued at Rs 215.43 million, includes design, engineering, supply, civil construction, erection, testing, commissioning, and grid interfacing, to be completed within 240 days from the notice of award. Solarium will also manage operations and maintenance for ten years. 

NVVN plans to finance the package through external commercial borrowings, domestic borrowings, or its own funds. 

Solarium Green recently went public, with its initial public offering (IPO) subscribed 8.83 times. The retail segment saw 5.07 times subscription, non-institutional investors’ category was subscribed 18.04 times, and qualified institutional buyers subscribed 8.51 times the allotted portion. 

As disclosed in its draft red herring prospectus, Solarium has completed 8,506 residential rooftop solar projects, 152 commercial and industrial projects, and eight government projects over the last three financial years. The company currently manages 41 projects worth Rs 1.65 billion and offers solar products like solar modules, inverters, and availability-based tariff meters. 

In recent developments, NVVN has issued tenders for 4 MW grid-connected rooftop solar projects at Defence Research and Development Organisation (DRDO) campuses in Delhi and Bengaluru. In November 2024, it invited bids for 7.2 MW rooftop solar systems across 26 Assam Rifles buildings in Nagaland, Manipur, and Assam. In October 2024, NVVN sought bids for 4.73 MW rooftop solar systems under the Bhakra Beas Management Board. 

(Mercom)