Gensol Engineering's Renewable Energy Expansion Signals Growth in India
Key Ideas
- Gensol Engineering's solar EPC order book in India has soared to INR 4,097 crore, spanning 1.5 GW of projects from both public and private sectors.
- The company is diversifying into Battery Energy Storage Systems (BESS) to address renewable energy intermittency, enhancing revenue potential.
- With total revenue visibility of INR 9,055 crore, Gensol's expansion into BESS and solar power generation showcases a strong growth trajectory.
- Gensol's strategic acquisitions, like Scorpius Trackers, and foray into the electric vehicle market with a Pune manufacturing facility, reflect its commitment to innovation and market leadership.
Gensol Engineering, a key player in India's renewable energy sector, has achieved a significant milestone with its solar EPC order book reaching INR 4,097 crore. This substantial portfolio, covering 1.5 GW of solar projects from Public Sector Undertakings (PSUs) and private clients, is slated for execution over the next 12 to 18 months. Noteworthy projects include those in the PSU-IPP and private IPP sectors, with a significant portion allocated to PSU hydrogen projects. In addition to solar projects, Gensol is expanding into the Battery Energy Storage Systems (BESS) domain, crucial for managing renewable energy intermittency. The company's revenue visibility stands at INR 9,055 crore, with diversified segments like BESS and solar power generation contributing substantially. Anmol Singh Jaggi, Chairman of Gensol, emphasized the company's growth trajectory and capabilities in executing large-scale renewable projects. Gensol's strategic acquisitions and entry into the electric vehicle market further underscore its commitment to innovation and market leadership. With a workforce of over 500 professionals and a track record of executing 770 MW of solar projects, Gensol is poised for growth in India's evolving renewable energy landscape.