Larsen & Toubro Limited (L&T) has bagged a significant order to construct a Solar cum Energy Storage plant.
What Happened: According to the company’s press release on Monday, the Power Transmission & Distribution (PT&D) division of L&T has secured a domestic order to erect a grid-connected 185 megawatt Solar PV Plant along with a Battery Energy Storage System (BESS) with a capacity of 254 megawatt-hours.
The Solar PV plant, to be set up at Kajra in Lakshisarai district, Bihar, is expected to play a pivotal role in Bihar’s strategy to leverage renewable energy for sustainable solutions, combat climate change, and cater to demand growth. The order is classified as a “significant” order by the construction giant, which indicates it could be worth between ₹1,000-₹2,500 crore.
See Also: Hero Motocorp To Hike Prices Of Select Motorcycles And Scooters From July
The BESS will facilitate the storage of solar energy during low-demand periods and discharge during peak demand. It will also aid in balancing out fluctuations in generation, frequency regulation, and voltage support. The system is equipped with a black start capability to the grid, enabling quick re-energisation post an outage.
Why It Matters: This order win comes on the heels of L&T securing major orders for building projects in Mumbai and Hyderabad, as reported last week.
Earlier in the month, L&T bagged a major offshore contract from the Oil & Natural Gas Corporation (ONGC) for the Daman Upside Development Project-Wellhead Platforms & Pipelines (DUDP-WP). The Hydrocarbon vertical of the company, L&T Energy, was awarded the contract.
Price Action: L&T’s share price jumped in the green after the announcement. The stock was up 0.50% to trade at ₹3,552.65 at the time of writing on Monday.
Read Next: Deep Dive Into The Quant Mutual Fund Under SEBI’s Scanner
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.