PM-KUSUM: Shakti Pumps Bags JREDA Order For 400 Solar Pumps

Shakti Pumps Gets First Order From JREDA For 400 Solar Pumps

Indian solar pump manufacturer Shakti Pumps (India) Limited has received its first order from Jharkhand. The Jharkhand Renewable Energy Development Agency (JREDA) has given a Letter of Award (LOA) for 400 solar pumps at various locations across the state of Jharkhand. This contract was given under the Component-B of PM-KUSUM scheme. The total amount of the order value is around Rs. 9.40 Crores (inclusive of GST).

The Indian solar module manufacturer company is now bolstered with its financial growth. Recently the company reported a 1960% rise in net profits. The Madhya Pradesh-based company is now also exporting its solar pumps in different parts of the globe. In many states it has also bagged orders under Component C of the central scheme too.

Entering Into Component-C

The company last month revealed its Q1 result for 2024 revealed, “Buoyed by the benefits of grid-connected solar pumps, Indian solar pump company Shakti Pumps is now planning to go bullish towards Component C of PM-KUSUM scheme. Last year, the Ajmer discom awarded a project to Shakti Pumps to replace grid-connected pumps with grid-connected solar pumps to ensure the supply of surplus solar power to the grid under this scheme with a project value of Rs 150 crore,” Dinesh Patidar, Chairman of Shakti Pumps recently told its investors in a latest investors call.

Patidar also termed Component C of the scheme as its ‘dream project. “Component-C is a very good scheme. In this, the farmer gets an income of Rs. 50,000 a year and DISCOM will get a profit of Rs. 1 lakh a year. And in 3-4 years the entire investment of DISCOM becomes free. To make this scheme successful, we have already found around 200-250 feeders in Rajasthan Ajmer, DISCOM. We are working on this and being a new project it is a challenging one for us,” he said.

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