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Shares of Premier Energies Ltd. declined on Monday, September 29, even as the company said it has won orders worth $19.95 million for the supply and installation of solar power systems in the Republic of Benin in West Africa.
The company said the order includes installing 750 rooftop solar systems at key socio-community facilities such as district police stations, educational institutions, health centres and special border surveillance units.
The company will also install over 4,400 high-efficiency
solar streetlights and 650 solar water heaters.
The orders were placed by the West African country to fulfill its national initiative to expand access to reliable, sustainable, and clean energy, it said.
Premier Energies will collaborate with the General Directorate of Energy Planning and Rural Electrification, under the country's Ministry of Energy, Water and Mines.
The project will be financed through a Line of Credit from the Export-Import Bank of India (EXIM Bank) and the ECOWAS Bank for Investment and Development (EBID).
Chiranjeev Saluja, Managing Director and CEO, Premier Energies, said securing the contract is a strong endorsement of the company's operational capability and global competitiveness.
Shares of the company declined over 1% from its opening price and is trading at ₹1014.65 apiece.
In August, Premier Energies announced the commercial operation of G12R N-Type solar cell technology, becoming among the first ones in India to do so. It also launched high-efficiency 620 W Domestic Content Requirement (DCR) compliant Topcon solar modules at the time.
The next-generation 620 W modules, powered by Tunnel Oxide Passivated Contact (TOPCon) architecture, deliver higher power density, improved temperature performance and stronger low-light efficiency, the company said.
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