Hyderabad-based XL Telecom & Energy Limited has received orders valued over Rs 153.90 crore for supplying solar panels to a Europe-based large power utility company.

The company has been successful in securing additional orders worth Rs 1,539 million for the supply of solar panels to the European market, and the customer is a large power utility company in Europe.

After adding up the recent order, the company’s order book position for the export of solar panels stands at Rs 675 crore.

The company is optimistic on becoming a dealer to this large power utility company, and will obtain several repeat orders. XL’s arm Saptashva is in the process of setting up solar farms for power generation in Europe.

X has been concentrating on non-conventional energy segment since 1994. Recently, the company has ventured into the export market of solar panels of higher capacity for niche Grid Connected segment. For the last 18 months, it has been making big investments to get orders from Europe and the rising US market for its products.

The company is also setting up a 120-Mw solar cell manufacturing facility together with growth of module-making capacity by an added 40-Mw fully automated plant with a total cost of Rs 300 crore.

It had recently fulfilled its FCCB issue, and lifted $40 million (Rs 160 crore) for part funding of the project.

In noon trading (1:05 pm), shares of the company gained 1.2%, to trade at Rs 189.50 on the Bombay Stock Exchange (BSE).