Gensol Engineering Wins Two EPC Projects Worth Rs 337.70 Crore

Gensol Receives Order For Rs. 1783 Crores From Two Companies

Gensol group’s engineering arm, Gensol Engineering recently announced the award of two significant EPC contracts from Rajasthan and Maharashtra. Gensol’s first project is of 250 MWac/350 MWdc ISTS solar power project in Rajasthan, and the 50MWac/72.5MWdc solar power project in Maharashtra. This marks another step in our journey to becoming a dominant player in the solar energy domain.

These projects, valued at Rs 337.70 crore including taxes, represent a significant milestone in Gensol’s growth and strategic market position. The contracts encompass design, engineering, procurement, construction, and commissioning services, with modules as free-issue items, highlighting Gensol’s expertise and commitment to the renewable energy industry.

Earlier this year, Gensol Engineering Limited, raised a significant Rs 900 crore (Rs 9 billion) equity capital through warrants convertible into equity shares on a preferential basis. This major milestone comes at a juncture when Gensol is on a growth trajectory and is leading the green energy and clean mobility revolution.

Gensol has been operational and several green sector businesses like Solar EPC, EV Leasing, and EV Manufacturing. The company’s dedication to innovation and environmental stewardship drives its continued progress, aiming for a 5X growth within the next three years. The equity fundraise saw participation from several international and domestic participants, including FPIs such as the Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund, etc.

The capital raise is subject to shareholders’ approval at the EGM of the company to be held on 2 March 2024 and statutory approvals in compliance with SEBI Regulations.