HG Infra Engineering Ltd. has announced the signing of a Memorandum of Understanding with Ultra Vibrant Solar Energy Pvt. on Monday, according to an exchange filing.

The MoU outlines a collaboration for significant project development activities.

The company said that the total project size is 83.02 megawatts (AC) or 116.228 megawatts (DC) and will be developed through individual project companies.

The engineering, procurement and construction of these solar projects is estimated at Rs 465 crore, which includes taxes.

This venture marks a significant step in HG Infra’s expansion into renewable energy projects.

Shares of HG Infra closed 0.97 higher at Rs 1,703.1 apiece on the BSE, as compared to a 0.49% advance in the benchmark Sensex.