Gensol Secures ₹40 Crore LOA for 16 MWp Rooftop Solar Project

On August 21, 2024, Gensol Engineering Limited announced that it had received a Letter of Award (LOA) for a 16 MWp turnkey EPC rooftop solar project valued at ₹40 crore from a major textile company. This repeat order will be executed in Madhya Pradesh, with Gensol set to complete the project within six months.

The project will feature high-efficiency bi-facial solar modules designed to maximise energy output and ensure long-term durability. This initiative supports India’s renewable energy goals and enhances the country’s green energy infrastructure.

Renewable energy solutions, particularly solar power, are increasingly popular in the commercial and industrial (C&I) sector, helping businesses reduce their carbon footprint and promote sustainability.

Gensol’s expertise in design and execution will ensure efficient solar energy capture and utilisation, enabling the customer to make their manufacturing processes more sustainable and eco-friendly.

Sharing her thoughts on the rooftop solar project order win, the Chief Executive Officer of Solar EPC (India) at Gensol Engineering Ltd, Shilpa Urhekar, said, “The repeat order from the leading textile company is a testament to Gensol’s ability to execute complex projects at scale in a seamless manner within stipulated timelines. When completed, this project will be amongst the biggest rooftop solar projects in India utilising a large rooftop area.”

Recently, the company announced that it has emerged as a winning bidder for 237 MW annual capacity under the Production Linked Incentive (PLI) scheme for setting up an electrolyser manufacturing plant. This bid was secured through a competitive tender by Solar Energy Corporation of India (SECI). The Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a prior 63 MW awarded in the first tranche of the SECI tender that equates to ₹450 crore cumulatively incentive under the PLI scheme.

In Q1 FY 2025, the company’s total revenue was ₹297 crore, up by 105% compared to ₹145 crore in Q1 FY 2024. Gensol Engineering’s profit after tax during the quarter ended June 30, 2024, was ₹15 crore, up by 50%, compared to the same period last year.

On August 22, 2024, the share price of Gensol Engineering Ltd opened at ₹951.00, touching the day’s low at ₹936.80, as of 10:27 AM on the NSE.

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