Teerth Gopicon Signs MoU of ₹1,500 Crore & Bags Order from JVVNL: A Major Boost for the Solar Industry
The Indian solar industry has witnessed yet another significant development with Teerth Gopicon Limited (TGL) signing a Memorandum of Understanding (MoU) with the Renewable Energy Department of Madhya Pradesh to invest ₹1,500 crore in a massive 6 GW solar manufacturing project. This project will involve the production of 3 GW modules and 3 GW cells, further solidifying India’s position as a leader in the global solar energy sector.
In addition to this monumental agreement, TGL has also received an order from Jaipur Vidyut Vitaran Nigam Limited (JVVNL) for the development of 6.89 MW of grid-connected solar plants under the Prime Minister’s KUSUM (Kusum Yojana) scheme. This RESCO (Renewable Energy Service Company) mode project will be spread across four locations in Rajasthan and comes with a 25-year operation and maintenance contract.
The MoU signed by TGL with the Government of Madhya Pradesh (GoMP) is a significant achievement for the company, which aims to leverage the state’s pro-renewable energy policies and infrastructure to establish itself as a major player in the Indian solar manufacturing landscape. The investment of ₹1,500 crore will enable TGL to set up a state-of-the-art solar manufacturing facility in Madhya Pradesh, creating jobs and stimulating local economic growth.
The project, which is expected to be completed within the next few years, will be designed to produce high-quality solar modules and cells that meet international standards. The manufacturing facility will be equipped with cutting-edge technology and will adhere to the highest environmental and safety standards. This project will not only contribute to India’s renewable energy goals but also reduce the country’s reliance on imported solar panels.
The order received from JVVNL under the PM-KUSUM scheme is another significant milestone for TGL. The project, which will be executed on a RESCO basis, will involve the design, development, and operation of 6.89 MW of grid-connected solar plants across four locations in Rajasthan. The project comes with a 25-year operation and maintenance contract, ensuring a stable revenue stream for TGL.
The PM-KUSUM scheme, launched by the Government of India, aims to promote rooftop solar installations and promote agriculture and renewable energy. The scheme provides financial assistance to farmers and agricultural cooperatives to install solar panels and sell excess energy to the grid. The scheme has been instrumental in promoting solar energy in rural India and has created new opportunities for companies like TGL to participate in the solar sector.
The order received from JVVNL is a testament to TGL’s expertise and capabilities in the solar industry. The company’s experience in designing and developing solar projects, coupled with its ability to provide reliable and efficient operations and maintenance services, has earned it a reputation as a trusted partner for solar energy projects.
This development is significant for the Indian solar industry, which has witnessed rapid growth in recent years. The government’s efforts to promote renewable energy and reduce dependence on fossil fuels have created new opportunities for companies like TGL to participate in the solar sector. The MoU signed by TGL with the GoMP and the order received from JVVNL are a testament to the company’s commitment to promoting solar energy and contributing to India’s renewable energy goals.
In conclusion, the MoU signed by Teerth Gopicon Limited with the Government of Madhya Pradesh and the order received from Jaipur Vidyut Vitaran Nigam Limited are significant developments for the Indian solar industry. These projects demonstrate TGL’s commitment to promoting solar energy and contributing to India’s renewable energy goals. As the company continues to expand its operations and participate in new projects, it is likely to play a major role in shaping the future of the solar industry in India.
