January 21, 2015: Ujaas Energy, one of India’s key electrical equipment manufacturer has won a bid to set up 5MW rooftop solar arrays in the state of Uttarakhand. The contract was awarded by the Uttarakhand Renewable Energy Development Agency (UREDA).
Ujaas Energy has, until now, installed more than 2MW of rooftop PV systems for both public and corporate customers. Uttarakhand has emerged as an interesting region to invest in, in terms of solar as the government buys excess electricity produced by solar energy at a price of Rs 9.20 per KW. Moreover, the location of the state itself is suitable to produce solar power.
Ujaas Energy recently announced its Q3 results. The company’ net profit declined 81.82 per cent to Rs 5.8 million in the quarter ended December 2014 as against Rs 31.9 million during the previous quarter ended December 2013. Company’s sales fell steeply by 80.02 per cent to Rs 70.3 million in the quarter ended December 2014 as against Rs 351.9 million during the previous quarter ended December 2013.
But with government’s plans to generate 100,000MW solar power by 2022 the company targets to achieve 50x of growth in next seven years.
