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					</table><p><a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has won a contract from NTPC Vidyut Vyapar Nigam (<a href="https://www.nvvn.co.in/" target="_blank" rel="noopener">NVVN</a>) to install 6,929 kW grid-connected rooftop solar projects at various locations of central armed forces and departments under the Ministry of Home Affairs in Uttar Pradesh (Zone 4).</p>
<p>The scope of work includes design, engineering, supply, civil construction, erection, testing, commissioning, and grid interfacing within 240 days from the date of notice of award. Solarium must handle the system’s operations and maintenance duties for ten years.</p>
<p>NVVN plans to finance this package through external commercial borrowings, domestic commercial borrowings, or its own sources.</p>
<p>The contract value is ₹215.43 million (~$2.48 million).</p>
<p>Solarium recently went public, with its initial public offering subscribed 8.83 times. The retail portion of the issue was subscribed 5.07 times, while the issue was subscribed 18.04 times in the non-institutional investors’ category. The qualified institutional buyers had subscribed by 8.51 times the allotted portion.</p>
<p>The company had disclosed in its draft red herring prospectus that it has completed 8,506 residential rooftop solar projects, 152 commercial and industrial projects, and eight government projects in the last three financial years. It manages 41 projects worth ₹ 1.65 billion (~$19.38 million). Solarium also offers solar products, including solar modules, inverters, and availability-based tariff meters.</p>
<p>Recently, NVVN <a href="https://www.mercomindia.com/ntpc-floats-tenders-for-4-mw-solar-projects-at-drdo-delhi-and-bengaluru/" target="_blank" rel="noopener">issued</a> tenders for the engineering, procurement, and construction of 4 MW grid-connected rooftop solar power projects at the Defence Research and Development Organisation campuses in Delhi and Bengaluru.</p>
<p>In November 2024, NVVN <a href="https://www.mercomindia.com/nvvn-tenders-7-2-mw-rooftop-solar-project-for-assam-rifles" target="_blank" rel="noopener">invited</a> bids for grid-connected rooftop solar systems with a cumulative capacity of 7.2 MW in 26 buildings under Assam Rifles in Nagaland, Manipur, and Assam.</p>
<p>In October 2024, NVVN <a href="https://www.mercomindia.com/nvvn-tenders-4-73-mw-rooftop-solar-systems-for-bhakra-beas-management-board" target="_blank" rel="noopener">invited</a> bids to develop 4.73 MW grid-connected rooftop solar systems at various locations under the Bhakra Beas Management Board.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Solarium Green Bags 7 MW Rooftop Solar Contract from NVVN


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					</table><p>Ahmedabad-based turnkey solar solutions provider <a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has received in-principle approval from the <a href="https://www.bsesme.com/" target="_blank" rel="noopener">BSE SME</a> to float its Initial Public Offering (IPO) of shares.</p>
<p>The IPO comprises a fresh issue of 5.5 million equity shares at a face value of ₹10 (~$0.117) each.</p>
<p>The company had <a href="https://mercomindia.com/solarium-green-files-drhp" target="_blank" rel="noopener">submitted</a> its Draft Red Herring Prospectus (DRHP) in September this year.</p>
<p>Solarium requires ₹1.69 billion (~$19.85 million) for its working capital needs, which it plans to fulfill in part by utilizing ₹650 million (~$7.63 million) from the IPO. The remaining requirement of ₹1.04 billion (~$12.21 million) will be met through internal financing sources.</p>
<p>The Book Running Lead Manager to the issue is <a href="https://beelinemb.com/" target="_blank" rel="noopener">Beeline Capital Advisors</a>.</p>
<p>The company disclosed in its DRHP that it has completed 8,506 residential rooftop solar projects, 152 commercial and industrial projects, and eight government projects in the last three financial years. It manages 41 projects worth ₹ 1.65 billion (~$19.38 million).</p>
<p>Solarium also offers solar products, including solar modules, inverters, and availability-based tariff meters.</p>
<p>The company reported revenues of ₹1.78 billion (~$21.21 million), earnings before interest, taxes, depreciation and amortization of ₹237.75 million (~$2.83 million), and a profit after tax of ₹155.89 million (~$1.85 million) for the period ending March 31, 2024.</p>
<p>Recently, Maharashtra-based agri-solar solutions provider GK Energy <a href="https://www.mercomindia.com/agri-solar-solutions-provider-gk-energy-files-papers-for-%E2%82%B95-01-billion-ipo" target="_blank" rel="noopener">filed</a> a DRHP to raise over ₹5.01 billion (~$60.02 million) through an IPO. The IPO consists of a fresh issue of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹5 billion (~$58.84 million), and an offer for sale (OFS) of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹16.8 million (~$197,714).</p>
<p>In November 2024, Haryana-based solar module manufacturer Saatvik Green Energy <a href="https://www.mercomindia.com/saatvik-green-files-ipo" target="_blank" rel="noopener">filed</a> its DRHP with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through an IPO.</p>


Solarium Green Energy Receives BSE Nod for Initial Public Offering


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					</table><p>Ahmedabad-based turnkey solar solutions provider <a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has submitted its Draft Red Herring Prospectus with BSE SME (Bombay Stock Exchange Small and Medium Enterprises) in preparation for an Initial Public Offering (IPO), which will involve issuing up to 5.5 million equity shares.</p>
<p>The company plans to use the IPO proceeds to fulfill working capital needs and address general corporate expenses.</p>
<p>In addition to its turnkey solutions covering design, engineering, procurement, testing, installation, commissioning, and transmission systems, Solarium Green Energy also provides operation and maintenance services.</p>
<p>The company offers solar products, including solar modules, inverters, and availability-based tariff meters. It handles various projects, including residential rooftop installations, commercial and industrial projects, and government projects.</p>
<p>The company reported revenues of ₹1.78 billion (~$21.21 million), an earnings before interest, taxes, depreciation and amortization of ₹237.75 million (~$2.83 million), and a profit after tax of ₹155.89 million (~$1.85 million) for the period ending March 31, 2024.</p>
<p>The company said it has completed 8,506 residential rooftop projects, 152 C&amp;I projects, and eight government projects. It is currently managing 41 ongoing projects with a total value of ₹ 1.65 billion (~$19.66 million) and is working on new tenders worth ₹2.53 billion (~$30.15 million).</p>
<p>Recently, solar cell and module manufacturer and EPC solutions provider Premier Energies‘ ₹28.30 billion (~$337.4 million) IPO of shares <a href="https://www.mercomindia.com/solar-module-manufacturer-premier-energies-ipo-oversubscribed/" target="_blank" rel="noopener">received</a> an overwhelming response from various investor categories, with the issue subscribed over 74 times.</p>
<p>In July, renewable energy developer ACME Solar <a href="https://www.mercomindia.com/acme-solar-files-%E2%82%B930-billion-ipo/" target="_blank" rel="noopener">filed</a> its draft red herring prospectus with the Securities and Exchange Board of India for an IPO worth ₹30 billion (~$360 million) at ₹2 (~$0.024) per share.</p>
<p>Last December, Waaree Energies <a href="https://www.mercomindia.com/waaree-raise-%e2%82%b930-billion-ipo" target="_blank" rel="noopener">filed</a> draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO to part finance a 6 GW ingot, cell, wafer, and module manufacturing facility.</p>


Solarium Green Files Draft Red Herring Prospectus for IPO

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