Ravindra Energy Secures Rs 225 Cr Solar Deal For Karnataka Power Capacity

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AuthorRiya Kapoor|Published at:
Ravindra Energy Secures Rs 225 Cr Solar Deal For Karnataka Power Capacity
Overview

Ravindra Energy Limited (REL) has secured 13 Letters of Award totaling Rs 225 crore from Hubli Electricity Supply Company Limited (HESCOM) to develop 62 MW of solar power capacity in Karnataka under a Build Own & Operate model. The projects, with a 25-year Power Purchase Agreement at Rs 2.95 per unit, are set to be commissioned within 12 months, expanding REL's clean energy footprint and reinforcing regional infrastructure.

Landmark Order for Ravindra Energy

Ravindra Energy Limited (REL) announced it has secured 13 Letters of Award from Hubli Electricity Supply Company Limited (HESCOM) for a cumulative 62 MW of solar power capacity. The contract, valued at approximately Rs 225 crore, positions the company for substantial growth in Karnataka's renewable energy sector.

Build, Own, Operate Model Detailed

The projects will operate under a Build Own & Operate (BOO) model, with solar generators distributed across 13 HESCOM substations. REL has finalized a Power Purchase Agreement (PPA) stipulating an average tariff of Rs 2.95 per unit for 25 years, commencing from the project's Commercial Operation Date. A strict 12-month commissioning timeline is in effect for all projects following the PPA signing.

Company Profile and Performance

Established in 1980, Ravindra Energy Ltd specializes in solar pumps and the generation and sale of solar power. The company holds accreditations from the Ministry of New and Renewable Energy, facilitating government subsidies for solar systems. Its operational history includes projects across Karnataka, Maharashtra, and Rajasthan.

Financials and Market Outlook

In the second quarter of fiscal year 2026, REL reported net sales of Rs 120 crore and a net profit of Rs 31 crore. For the full fiscal year 2025, net sales stood at Rs 250 crore with a net profit of Rs 22 crore. The company, with a market capitalization exceeding Rs 2,500 crore, has seen a significant improvement in its debtor days, down from 129 to 24.8 days. The stock has also demonstrated strength, rising 64.23 percent from its 52-week low of Rs 93.10 per share.

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