Teerth Gopicon Signs MoU of ₹1,500 Crore & Bags Order from JVVNL
In a significant development in the Indian renewable energy sector, Teerth Gopicon Limited (TGL) has signed a Memorandum of Understanding (MoU) with the Government of Madhya Pradesh’s Renewable Energy Department to invest ₹1,500 crore in a 6 GW solar manufacturing project. This project will involve the setting up of a 3 GW module manufacturing facility and a 3 GW cell manufacturing facility. This massive investment is expected to give a significant boost to the solar energy industry in India.
In addition to the MoU, 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 (PM-KUSUM) scheme. This project is being implemented on a RESCO (Renewable Energy Service Company) mode, where TGL will be responsible for the design, construction, commissioning, and operation and maintenance of the solar plants for a period of 25 years.
The project, which will be spread across four locations in Rajasthan, is expected to generate significant revenue for TGL. The company has already received an order book of ₹1,300 crore, which is expected to grow significantly with the signing of this MoU and the receipt of the order from JVVNL.
The MoU with the Government of Madhya Pradesh’s Renewable Energy Department is a significant milestone for TGL, as it marks the company’s entry into the solar manufacturing space. The project is expected to create employment opportunities for hundreds of people and is expected to have a significant impact on the local economy.
The PM-KUSUM scheme, under which TGL has received the order from JVVNL, is an initiative of the Government of India to promote the development of solar power in the country. The scheme aims to promote the adoption of solar power by agricultural farmers and other rural households, and to promote the development of solar power projects in rural areas.
TGL’s order from JVVNL is a significant win for the company, as it marks its entry into the RESCO mode project development space. The project is expected to generate significant revenue for the company, and is expected to be a significant contributor to its growth in the coming years.
In a statement, the management of TGL expressed its enthusiasm for the MoU and the order from JVVNL, saying, “We are thrilled to have signed the MoU with the Government of Madhya Pradesh’s Renewable Energy Department, which will enable us to set up a 6 GW solar manufacturing project in the state. We are also excited to have received an order from JVVNL for the development of 6.89 MW of grid-connected solar plants under the PM-KUSUM scheme. These projects are expected to be significant contributors to our growth in the coming years, and we are committed to delivering high-quality projects that meet the expectations of our customers.”
The signing of the MoU and the receipt of the order from JVVNL are significant developments for TGL, and are expected to have a significant impact on the company’s growth and profitability in the coming years. The company is well-positioned to benefit from the growing demand for solar power in India, and is expected to be a significant player in the country’s renewable energy sector in the coming years.
In conclusion, the signing of the MoU with the Government of Madhya Pradesh’s Renewable Energy Department and the receipt of the order from JVVNL are significant developments for Teerth Gopicon Limited. The company is well-positioned to benefit from the growing demand for solar power in India, and is expected to be a significant player in the country’s renewable energy sector in the coming years.
