Punj Lloyd entered into a pact with India Power Green for solar assets.

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Punj Lloyd shares gained more than 3% intraday Friday on an agreement for the growth and development of solar projects in Uttarakhand. “Punj Lloyd Infrastructure (PLIL), a wholly owned subsidiary, has executed definitive agreements with India Power Green Utility (IPGUPL) to co-develop 30 MW of solar assets in Uttarakhand, in respect of three solar power projects,” the engineering company said in its filing. Three solar power projects, every one of 10 MW capacity was won by PLIL underneath the tariff based competitive bidding process in October 2015 which will be executed by its wholly owned subsidiaries PL Surya Vidyut, PL Sunrays Power, and PL Solar Renewable. PLIL will divest 49 percent of its shareholding in its three subsidiaries, as per the transaction. The SPV’s have signed twenty-five years power purchase agreements with Uttarakhand Power Corporation Limited, the business said. The business will be responsible for the whole commissioning, procurement, and engineering of those projects. At 14: 45 hours IST, the stock was quoting at Rs 19.55, up Rs .40, or 2.09 percent around the BSE.

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