New solar project takes IRCON International’s total orderbook to Rs 3,059 crore

IRCON International recently won a bid to set up a 500-megawatt solar power plant through an e-reverse auction. The company’s CMD, Yogesh Kumar Misra spoke to CNBC-TV18 about the Rs 2400 crore-project, order pipeline, and the outlook going forward.

Speaking about the rationale behind getting into the renewable power generation, Misra said it’s the company’s first venture into solar business and the project has been secured through the e-reverse mechanism from Indian Renewable Energy Development Agency (IREDA) under the CPSU scheme II.

The solar project, which is related to the railways, involves an equity investment of about Rs 500 crore, said Misra, adding that the company also secured another order of Rs 659 crore in Q1 and with this the firm’s total orderbook goes up to Rs 3059 crores for this year.