In a significant development, Shakti Pumps (India) Limited has been awarded a Letter of Award (LoA) by the Maharashtra Energy Department Agency (MEDA) for the installation of 445 Off-grid Solar Photovoltaic Water Pumping Systems (SPWPS) across various locations in the state of Maharashtra. This contract falls under Component-B of the PM-KUSUM scheme, a government initiative aimed at promoting solar-powered solutions for water pumping, especially in rural and off-grid areas.

The total value of this work order amounts to ₹12.42 Crores, inclusive of Goods and Services Tax (GST), which signifies a major contribution to Shakti Pumps' growing portfolio in the renewable energy sector. The company will undertake the design, manufacture, supply, transport, installation, testing, and commissioning of the solar-powered systems. These systems are designed to improve water access in rural Maharashtra, where grid electricity may not be available, thus supporting agricultural and water resource management needs.

The work order stipulates that all systems are to be installed and commissioned within 120 days from the date of the work order's issuance, marking a clear and ambitious timeline for the project.

This development also highlights Shakti Pumps' role in the renewable energy market and its ongoing efforts to support sustainable farming practices through advanced solar solutions. The PM-KUSUM scheme itself is a crucial component of India’s broader efforts to meet renewable energy targets and enhance the livelihood of farmers by reducing their dependency on conventional, non-renewable energy sources.

In response to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the relevant Schedule III guidelines, Shakti Pumps (India) Limited has communicated this award as part of its corporate compliance requirements. The detailed information of the award and terms is available in the Annexure-I, which was also submitted to the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Key details in the annexure reveal that the awarded contract is domestic, with no involvement from related parties or any influence from the company’s promoter group. The project will be executed under normal commercial terms and is considered a standard business operation for Shakti Pumps.

This new contract marks an important milestone for Shakti Pumps, reinforcing its position as a leading player in the solar water pumping systems industry. The company’s focus on sustainable energy solutions is expected to continue making significant contributions to both solar energy adoption in India and the broader push towards clean energy solutions.

For the full disclosure and commercial terms, the detailed communication has been sent to the exchanges, ensuring compliance with regulatory norms and providing transparency for investors and stakeholders. The company will continue to keep its stakeholders updated as the project progresses and the systems are successfully installed across Maharashtra.

This development also sets the stage for Shakti Pumps to leverage its engineering capabilities and project execution expertise, making strides in the country’s energy transition while further expanding its presence in the solar energy sector.

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