Insolation Energy Limited (NSE:INA) disclosed on 24 August 2026 that its wholly owned subsidiary, Insolation Green Energy Private Limited, has received a Letter of Award from Maharashtra State Electricity Distribution Co. Ltd. for nine solar power projects totalling 99 MW AC (128.7 MW DC) capacity.
Key Highlights
- Insolation Green Energy Private Limited, a wholly owned subsidiary of Insolation Energy (NSE:INA), received a Letter of Award from MSEDCL for nine decentralised ground-mounted solar power projects in Maharashtra.
- The combined project capacity aggregates 99 MW AC (128.7 MW DC), with a levelised tariff of Rs 2.90 per unit fixed across all nine sites under a 25-year Power Purchase Agreement.
- Annual revenue from the nine projects is expected to reach approximately Rs 59.72 crore, based on total unit generation of 20,59,20,000 kWh per year at the disclosed tariff rate.
- The total investment outlay for establishing the 128.7 MW DC solar plants is approximately Rs 425 crore, inclusive of GST, with commissioning required within 18 months of PPA execution.
About the Company
Insolation Energy Limited (NSE:INA), headquartered in Jaipur, Rajasthan, is a renewable energy company engaged in manufacturing solar photovoltaic modules and developing solar power projects. The company operates in the Renewable Energy sector and is listed on both BSE (Scrip Code: 543620) and NSE. Its wholly owned subsidiary, Insolation Green Energy Private Limited, handles solar power project development and operations.
Announcement in Detail
The Letter of Award was issued by Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 scheme, through a tariff-based competitive bidding process. The nine projects will be set up at multiple locations across Maharashtra, each connected to the grid as decentralised ground-mounted installations. The finalised levelised tariff stands at Rs 2.90 per kWh across all nine sites, and total annual unit generation is projected at 20,59,20,000 kWh.
The 25-year Power Purchase Agreement covers the obligation to operate, maintain, and supply power throughout the project lifecycle. Total capital investment for establishing the 128.7 MW DC capacity is approximately Rs 425 crore including GST. The announcement confirms no related-party interest exists between the promoter or promoter group and MSEDCL, and the contract is classified as a domestic order under Regulation 30 disclosures.
Impact on Investors
The filing shows that the disclosed annual revenue of approximately Rs 59.72 crore is underpinned by a long-term 25-year PPA at a fixed tariff, providing shareholders with visibility into a recurring revenue stream at the subsidiary level. Investors will note that the project requires an investment of approximately Rs 425 crore, which may necessitate debt or equity funding; the announcement does not specify the financing structure, and the source of capital remains a material detail to monitor in subsequent disclosures.
Shareholders will observe that commissioning is required within 18 months of PPA execution, introducing execution risk if timelines are not met. The disclosed terms indicate no promoter or related-party conflict with the awarding entity, MSEDCL, which aligns with standard arm's-length contracting requirements under SEBI regulations.
Sector / Market Context
India's Ministry of New and Renewable Energy has set a national target of 500 GW of non-fossil fuel-based installed electricity capacity by 2030. Maharashtra is among the leading states in solar capacity addition, with MSEDCL actively procuring decentralised solar power under state schemes to address agricultural feeder loads. The Mukhyamantri Saur Krushi Vahini Yojana 2.0 specifically targets daytime power supply to farmers by co-locating solar plants near agricultural feeders, making it a policy-driven procurement channel with established state government backing. Competitive tariff-based bidding for such projects reflects an ongoing industry trend of declining solar tariffs in India.