Polaris lands ₹5200 Crore deal for state-of-the-art Smart Meter rollout in Uttar Pradesh – EQ

• Wins contracts for important clusters of Lucknow and Ayodhya to install over 5.1 million smart meters

• Expands its footprint with additional Letter of Awards in Manipur and West Bengal worth ₹2400 crore to install over 2.3 million smart meters

• Has previously secured contracts for smart meter installation in Bihar and Ladakh for more than ₹118 crores collectively

Gurugram : Polaris Smart Metering, a leading provider of advanced smart metering solutions, has been awarded two contracts valued at over ₹5,200 crore for smart prepaid metering in the state of Uttar Pradesh. Madhyanchal Vidyut Vitran Nigam Limited (MVVNL) has awarded the contracts to Polaris for installing over 5.1 million smart meters in the important clusters of Lucknow and Ayodhya/Devipatan, which the company plans to install over the next 27 months.

As per the agreement, Polaris Smart Metering will supply, commission, install and maintain smart meters for consumers and system metering across the consumer base in these important clusters for the next 10 years. These smart meters will be equipped with state-of-the-art technology, enabling prepaid billing, real-time energy monitoring, accurate metering, and improved grid management capabilities. This contract comes under a Design-Build-Finance-Operate-Own-Transfer (DBFOOT) agreement. In addition to Uttar Pradesh, Polaris has also received Letter of Awards (LOAs) from the states of West Bengal and Manipur, totaling over ₹2400 crores, and is set to install more than 2.3 million smart meters across these two states.

The primary objective of this project is to reduce losses for DISCOMs and to empower consumers by introducing smart prepaid meters, enabling them to have better control over their energy consumption. Through the implementation of these smart meters, consumers will have real-time access to their energy usage data, allowing them to monitor and manage their consumption patterns effectively. This will result in a more informed decision-making process for consumers, fostering a culture of energy conservation and responsible electricity usage. Additionally, consumers will have the flexibility to recharge their meter as per their convenience, avoiding the inconvenience of monthly visits from meter readers or the hassle of bill payment. This will not only enhance customer satisfaction but also streamline the overall billing process.

“We are incredibly proud to have been entrusted with these transformative projects,” said Yashraj Khaitan, CEO, Polaris Smart Metering. “Our smart metering solutions will empower consumers with actionable insights into their energy consumption, while simultaneously delivering substantial benefits to the state governments in terms of improved grid efficiency, reduced pilferage, and improved environmental sustainability. We extend our heartfelt gratitude to MVVNL for recognizing the potential of innovative technology in shaping the future of grid management. The win in Uttar Pradesh and the LOAs in West Bengal and Manipur underscore Polaris’s commitment towards digitizing and transforming India’s electricity grid and marks a significant stride towards a smarter and more sustainable energy future for our country.”

Shri Bhawani Singh Khangarot, MD, MVVNL commented, “Smart metering technology is integral to modernizing our energy infrastructure. This strategic partnership with Polaris aligns with our vision for reliable, efficient, and sustainable services. Smart metering addresses grid losses, optimizes load management, and contributes to environmental conservation. We are confident in this collaboration’s positive impact on our network’s efficiency and sustainability, reflecting our commitment to technological advancement for the benefit of our constituents and the state.”

To tackle power theft, Polaris has internationally patented algorithms to enable DISCOMs to detect and address power theft effectively. In addition, Polaris’s technology will also enable DISCOMs to implement advanced demand-response policies for maximum integration of renewable energy sources in their power purchase portfolios. In addition to this, Polaris ensures a high level of cyber security by encrypting its entire communication stack, and employing multiple layers of encryption for data privacy. This includes identity and access management, authorization, and a user privilege system.

Polaris Smart Metering is committed to partnering with state governments, utilities, and consumers to ensure a successful implementation of the smart prepaid metering system. Prior to this, Polaris has won multiple smart metering contracts, including contracts in Ladakh and Bihar for installing over 1,00,000 smart meters for a value of more than Rs 118 Crores cumulatively. Polaris is involved in manufacturing, supply, installation, integration, testing and commissioning of AMI Projects in India, which will herald a transformation in the energy landscape benefiting consumers, the environment, and the overall sustainability of the country.

About Polaris Smart Metering

Polaris provides the industry’s most comprehensive Platform as a Service for smart electricity metering systems that enable utilities to radically reduce power distribution losses and manage their infrastructure digitally.

Polaris was founded out of California and has achieved strong traction in this high barrier industry in a short period of time. Polaris has executed smart metering projects in some of the toughest terrains in India including Ladakh, Kargil and Bihar and was the first private company in India to introduce smart prepaid metering for DISCOMs in a Design, Build, Finance, Own, Operate, Transfer (DBFOOT) model. The company’s received widespread international recognition including being selected by NASA among the top 10 cleantech innovations around the world. Polaris’ Founder, Yashraj Khaitan has been on the Forbes 30 under 30 list, and was also awarded by India’s Prime Minister – Shri Narendra Modi, for his work in power distribution.

The company’s executing contracts worth almost USD 1 Billion and is a portfolio company of I Squared Capital – a global private equity fund focused on infrastructure with USD 40 Billion+ assets under management.