Veer Energy & Infrastructure will be developing a 10 MW Hybrid Power Project in state of Maharashtra. The company has received a Letter of opinion/interest from Maharashtra Energy Development Agency (MEDA), Pune, opinion on installation of Solar or Hybrid project at our existing wind projects.

The company has expressed their willing to develop & has decided to start Hybrid Division. The company wants to develop 10 MW solar or hybrid project on their existing approval of wind farm project for 10 MW at Dhule. The new introduction of hybrid division in which installation/development cost would reduce by 50%.

The company is projecting total turnover of Rs 5,295 lakh & Rs 5,825 lakh and profit by Rs 525 lakh & Rs 705 lakh (approximately) which is around 300% growth from current level. This new division will open up new markets by developing existing projects & existing clients Gamesa, Suzlon, Elecon, Regen Power etc, and will also undertake development of hybrid system on contract basis.

Shares of the company gained Rs 3.15, or 11.11%, to trade at Rs 31.50. The total volume of shares traded was 430,695 at the BSE (1.23 p.m., Monday).