Shriram EPC Rises Most in 10 Weeks After Winning Solar Contract
Shriram EPC Ltd. (SEPC), a developer of renewable-energy projects in India, rose the most in 10 weeks in Mumbai trading after winning an order to build one of the country’s first solar thermal power plants.
Shriram EPC climbed as much as 15 percent, the biggest intraday gain since June 16, and traded up 6.6 percent at 129.3 rupees as of 12:01 p.m. local time. The benchmark Sensitive Index of the Bombay Stock Exchange fell 0.8 percent.
The Chennai-based company, whose Orient Green Power Co. unit develops wind farms and biomass plants, won a 6.4 billion- rupee ($140 million) contract from Abhijeet Projects Ltd. to build a 50-megawatt solar project in Jaisalmer, Rajasthan state, it said in a filing to the Bombay exchange.
The project is one of 37 awarded in India’s first solar auction to build 620 megawatts of capacity by 2013. Companies including billionaire Anil Ambani’s Reliance Power Ltd. (RPWR) and Lanco Infratech Ltd. (LANCI) are responsible for putting up 75 percent of that capacity using solar thermal technology, which harnesses the sun to heat liquids that produce steam for generators.
Shriram EPC will design, engineer, supply and construct the project within 20 months using technology from Jerusalem-based Ener-t International Ltd., it said.
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