Oswal Pumps Subsidiary Forms SPV for 33 MW Rooftop Solar Project in Rajasthan

Oswal Pumps Ltd., through its material wholly-owned subsidiary Oswal Solar Energy Private Limited, has incorporated a new special purpose vehicle — Oswal Doon Baran Bundi Solar Projects Limited — on May 6, 2026, to execute a 33 MW rooftop solar (RTS) project in Rajasthan. Key Details: Scope: Design, supply, erection, testing, and commissioning of RTS photovoltaic systems on state government buildings, plus 25 years of operation & maintenance. Contract Model: Hybrid Annuity Mode (HAM) awarded by Rajasthan Renewable Energy Corporation Limited (RRECL) via Letter of Award dated March 30, 2026. Ownership: Oswal Solar holds a 60% controlling stake (₹60,000 subscribed capital); Doon Infrapower Projects Pvt Ltd holds the remaining 40%. Strategic Significance: Revenue Visibility: The HAM model ensures predictable annuity-based cash flows over the project lifecycle, reducing offtaker risk. Government Partnership: Execution on state buildings strengthens Oswal's credibility in public-sector renewable tenders. Sector Diversification: This move accelerates Oswal Pumps' transition beyond industrial pumps into high-growth solar EPC and IPP segments. Outlook: Successful delivery of this 33 MW RTS project could position Oswal Solar as a preferred partner for similar government-backed solar initiatives across Rajasthan and other states. The 25-year O&M component also creates a long-term services revenue stream, enhancing asset-level profitability.