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Gensol Engineering to raise Rs 6 billion, aims for zero net-debt

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Gensol Engineering Limited has approved fundraising of up to Rs 6 billion to strengthen its balance sheet and move towards a zero net-debt position. The company plans to raise Rs 4 billion through foreign currency convertible bonds (FCCBs) and Rs 2 billion via warrants issued to promoters. Alongside the fundraise, Gensol is divesting assets, including vehicle sales and the sale of a subsidiary, to further enhance financial stability. The company expects these divestments to generate…

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Gensol Engineering plans Rs 3.5 billion sale of US subsidiary

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Gensol Engineering Limited has signed a non-binding term sheet for a Rs 3.5 billion strategic transaction to sell its US subsidiary, Scorpius Trackers, to a major renewable energy solutions provider in the US.  The deal includes the transfer of exclusive global intellectual property rights for Scorpius Trackers’ advanced solar tracking technology. The transaction will be completed in two tranches, with full closure expected by March 2026, subject to due diligence and regulatory approvals. Proceeds from…

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PFC, Gensol, KPIL report income growth in Q3 FY25

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Power Finance Corporation Limited (PFC) reported a net profit of Rs 77.6 billion for the quarter ending December 2024, marking a 23.29 per cent increase from Rs 62.94 billion in the same quarter last year. The company’s total income grew by 13.69 per cent to Rs 268.22 billion from Rs 235.93 billion in the corresponding period of the previous year. Gensol Engineering Limited posted a net profit of Rs 0.18 billion in Q3 FY25, reflecting…

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Gensol Engineering, Rayzon Solar secure solar project contracts

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Gensol Engineering Limited has been awarded an engineering, procurement, and construction (EPC) contract valued at approximately Rs 9.679 billion (inclusive of goods and services tax) for a 245 MW solar photovoltaic project at the Khavda Renewable Energy Power Park in Gujarat.  The contract, secured from a public sector undertaking, also includes three years of operations and maintenance services. Rayzon Solar has secured a contract to manufacture and supply 280 MWp of its Tunnel Oxide Passivated…

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Gensol Engineering wins EPC contract for solar project in Gujarat

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Gensol Engineering Limited has secured an engineering, procurement, and construction (EPC) contract for a 275 MW solar photovoltaic project at the Khavda Rann renewable energy solar park in Kutch, Gujarat.  The project, valued at Rs 10.61 billion, also includes three years of operations and maintenance.

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Gensol secures Rs 8.97 billion solar EPC contract from NTPC

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Gensol Engineering Limited has won a Rs 8.97 billion contract from NTPC Renewable Energy Limited to develop a 225 MW grid-connected solar project.  The project will be executed on an engineering, procurement, and construction (EPC) basis at the Gujarat State Electricity Corporation Limited Solar Park (Stage-III) in Khavda, Rann of Kutch, Gujarat. The contract includes project development and operations and maintenance services for three years.

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Gensol Engineering secures Rs 7.8 billion solar EPC order in Maharashtra

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Gensol Engineering Limited has won a Rs 7.8 billion turnkey engineering, procurement, and construction (EPC) contract from a major public sector utility in Maharashtra for a 150 MW ground-mounted solar PV plant.  The project, slated for completion within 15 months, covers land acquisition, design, engineering, procurement, manufacturing, installation, testing, and commissioning, alongside infrastructure development to connect to the STU substation.  The contract also includes three years of operation and maintenance for the plant, covering switchyard…

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Gensol Engineering’s Q3 net profit rises by 29% to Rs 228.9 million

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Gensol Engineering Limited has reported a net profit of Rs 228.9 million for the quarter ending September 2024, marking a 28.96% increase from Rs 177.5 million in the same quarter last year.  The company’s total income rose by 13.76% to Rs 3,468.2 million, up from Rs 3,048.7 million in the corresponding period of the previous year, reflecting steady growth in its financial performance.

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Gensol Engineering establishes three wholly-owned subsidiaries

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Gensol Engineering Limited has incorporated three new subsidiaries: Innogrid Energy Private Limited, Hari Shakti Energy, and Shakti Sangini Energy Private Limited.  Gensol has subscribed to 10,000 equity shares in each subsidiary, representing 100 percent of their total share capital, with an investment of Rs 100,000 per company. These subsidiaries are now wholly-owned by Gensol Engineering.