Punj Lloyd signs a deal with India Power Green Utility for 30 MW solar project in Uttarakhand

Punj Lloyd Infrastructure (PLIL) has signed an agreement with India Power Green Utility (IPGUPL) to co-develop 30 MW of solar assets in Uttarakhand, in respect of three solar power projects.

With this pact, Punj Lloyd shares got a 3% intraday boost on agreement for development of solar assets in Uttarakhand. The stock was quoting at Rs 19.55, up Rs 0.40, or 2.09 percent on the BSE.

Punj Lloyd won the three solar power projects, each of 10 MW capacity under the tariff based competitive bidding process in October 2015 that will be executed by its wholly owned subsidiaries PL Sunrays Power, PL Surya Vidyut and PL Solar Renewable.

Punj Lloyd Infrastructure (PLIL) will divest 49% of its shareholding in its three subsidiaries. The SPV’s have signed a power purchase agreements (PPA) with Uttarakhand Power Corporation Limited for 25 years. The PLIL will undertake entire engineering, procurement and commissioning of these projects.

Source: Business Standard