Renewable Energy stock is in the spotlight following the recent land allotment in Madhya Pradesh, which will allow the company to expand its operations.
Renewable Energy stock: During Friday’s trading session, the spotlight was on shares of Insolation Energy Limited, a prominent renewable energy stock specializing in the development and installation of solar power systems. The company made headlines after securing land for a major manufacturing expansion in Madhya Pradesh.
Price Action
With a market capitalization of Rs. 6,588.33 crores on Friday, shares of Insolation Energy Limited were trading at Rs. 3,081, down by 4 percent from their previous closing price of Rs. 3,162.60 per share.
What Happened
Insolation Energy Limited, known for its expertise in solar power systems, announced that its subsidiary, Insolation Green Energy Private Limited, had been allotted 1,82,108.5 square meters of land in the Power and Renewable Energy Equipment Manufacturing Zone in Mohasa, Babai, Madhya Pradesh. This early land allocation is a significant milestone in the company’s journey towards achieving its $1 billion revenue target. The new facility will be the fourth and largest manufacturing unit for the Insolation Group, expanding its solar module manufacturing capacity and adding solar cell and aluminum framing production for backward integration.
With this capacity expansion, the Insolation Group’s total manufacturing capacity will reach 8 GW for solar modules, 3 GW for solar cells, and 36,000 MT for aluminum frames. The company is committed to keeping stakeholders informed about the progress of this project.
About the Company
Insolation Energy Ltd. is a leading player in the renewable energy sector, specializing in the development and installation of solar power systems. The company is dedicated to providing clean energy solutions and offers a comprehensive range of services, including the design, engineering, procurement, and commissioning of solar power plants.
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