Gensol Engineering Limited has marked a significant milestone with its new project: a 150 MWac ground-mounted solar PV plant in Maharashtra worth INR 780 crore. Awarded by a leading public sector utility, this large-scale project reinforces Gensol’s stature in India’s renewable energy sector and will play a crucial role in advancing the state’s clean energy goals. Gensol, listed on the BSE and NSE under ticker symbols BSE: 542851 and NSE: GENSOL, is set to execute this comprehensive EPC project over a span of 15 months.

The scope of work for Gensol includes managing all phases of the project lifecycle—from land acquisition to commissioning the plant. EPC services (engineering, procurement, and construction) are at the core of this venture, with Gensol undertaking responsibilities such as land acquisition, design and engineering, and manufacturing and supply. Gensol will also be handling logistics, site erection, inspection, installation, testing, and the vital commissioning of the power plant. Notably, the project also includes the development of power evacuation infrastructure, which will connect the solar facility to the STU substation, ensuring seamless integration into Maharashtra’s power grid.

The project is not just about development; it will also feature a three-year O&M (operation and maintenance) agreement, covering maintenance of the plant's switchyard and transmission infrastructure. This extended service period underscores Gensol’s commitment to sustaining project efficiency beyond the initial construction phase.

Shilpa Urhekar, CEO of Gensol Engineering’s Solar EPC division, expressed gratitude for the trust placed in the company by the public sector utility, highlighting that this project will significantly advance India's energy transition. She emphasized Gensol’s mission to contribute meaningfully to the country's clean energy agenda and is eager to see this partnership with Maharashtra support both local and national goals for renewable power.

The contract aligns with policy reforms led by the Ministry of New and Renewable Energy (MNRE), which introduced forward-looking measures in April 2022 aimed at scaling up India’s renewable capacity. This project represents a step forward for Maharashtra’s energy infrastructure, which has been steadily progressing towards renewable sources.

Gensol’s Role in Renewable Energy and EV Development

Since its founding in 2012, Gensol Engineering has rapidly expanded its portfolio, establishing itself as a top player in solar EPC services across India. With an experienced team of over 500 professionals, the company operates in solar power (both rooftop and ground-mounted systems), EV manufacturing, and leasing services. As of 2023, Gensol expanded its capabilities with the acquisition of Scorpius Trackers, a specialized solar tracking solution provider that enhances the efficiency and performance of solar installations.

Furthermore, Gensol has ventured into EV manufacturing at its cutting-edge facility in Pune, which has a production capacity of 30,000 units annually. Certified by the Automotive Research Association of India (ARAI), Gensol EVs cater to a variety of sectors, including fleet and cargo transport. This dual focus on solar and EV solutions positions Gensol as a significant contributor to India’s broader energy transition strategy, supporting sectors from electric mobility to battery energy storage systems (BESS) and green hydrogen production.

Broader Industry Impact and Future Outlook

The INR 780 crore project not only highlights Gensol’s capabilities but also demonstrates the broader renewable energy trend in India. With the government’s commitment to sustainable energy, large-scale projects like these are crucial for meeting India's renewable energy targets. The sector has experienced tremendous growth, supported by favorable government policies, and industry leaders like Gensol are well-positioned to leverage these policies to expand their footprint.

With ongoing policy support and growing demand for cleaner energy sources, the renewable sector in India has seen a steady influx of investments. By enhancing its portfolio in solar EPC, electric mobility, and energy storage, Gensol is set to contribute significantly to India’s renewable landscape.

This project is a substantial win for Gensol and aligns with the company’s objective to create a balanced, sustainable energy ecosystem in India. In collaboration with Maharashtra’s public sector utility, Gensol will help drive the shift towards renewable energy, ensuring that sustainable power sources increasingly replace traditional fuels. This long-term approach not only provides value to shareholders but also promotes sustainable development within India’s energy market.

As the project unfolds, industry observers are keenly watching for updates on Gensol’s progress and further contributions to India’s ambitious renewable energy goals.

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