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Shares of Gensol Engineering surge on securing contract for solar project

26 February 20243 mins read by Angel One
Gensol Engineering secures major contracts totaling 422.5 MWp, solidifying its position in India's renewable energy sector.
Shares of Gensol Engineering surge on securing contract for solar project
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About the projects

Gensol Engineering Limited (GEL) announced the successful acquisition of two substantial Engineering, Procurement, and Construction (EPC) contracts, solidifying their commitment to India’s renewable energy transition. The first, a 250 MWac/350 MWdc ISTS solar power project in Rajasthan, showcases Gensol’s emerging leadership in the industry and its support for India’s sustainable energy transition. Additionally, the 50MWac/72.5MWdc solar power project in Maharashtra marks another step in their journey to becoming a dominant player in the solar energy domain.

These projects, valued at a combined Rs 337 crore (including taxes), represent a significant stride forward for the company and its 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.

“Winning these projects is a significant milestone for Gensol Engineering Limited, indicating a major expansion in our operational capabilities and project scale,” stated Ali Imran Naqvi, CEO of Gensol Engineering Limited (EPC Business). “We are deeply thankful to the project developers for trusting us with their maiden greenfield solar projects in India. It’s a pivotal time for Gensol as we aim for higher achievements and contribute to the country’s energy transformation.”

GEL is demonstrating leadership in the solar energy industry with the Rajasthan and Maharashtra projects. These projects represent a strategic expansion, allowing GEL to enter key high-growth regions. The company’s success in securing these projects reinforces its commitment to driving India’s transition towards a sustainable energy future.

Share Price Movement

The shares of Gensol Engineering surged 1.87% or 22.75 points to Rs 1,240 in early trade as compared to the previous day’s closing of Rs 1,217.25. The share opened at Rs 1,247.40 and touched intraday highs and lows of Rs 1,264 and Rs 1,235.80, respectively. The share has a 52-week high and 52-week low of Rs 1,377.10 and 265.42 respectively.

About Company

Gensol Engineering Limited, established in 2012, is a leading company in the Gensol group that specializes in engineering, procurement, and construction services, particularly in the solar power sector. With a team of over 240 professionals, Gensol has successfully executed turnkey projects globally, installing over 600 MW of solar installations. They also have a state-of-the-art electric vehicle production facility in Pune, India, focusing on creating electric three-wheelers and four-wheelers. Gensol also offers comprehensive EV leasing solutions to various clients, including public sector units, educational institutions, government entities, multinational corporations, ride-hailing services, employee transport companies, rental services, logistics, and last-mile delivery enterprises.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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