Gensol Engineering’s Share Price Up After ₹780 Crore Solar Project Win in Maharashtra

On November 3, 2024, Gensol Engineering Limited, a prominent solar EPC company in India’s renewable energy sector, won a major contract to build a 150 MWac ground-mounted solar power plant for a leading public utility in Maharashtra. The project, valued at ₹780 crore, will be completed over 15 months.

Gensol’s responsibilities cover every phase of the project, from acquiring land—a challenging task due to the project’s scale—to designing, engineering, procuring materials, and managing logistics. 

They will also oversee the manufacturing, delivery, installation, testing, and commissioning of the solar PV plant, ensuring it is connected to the grid through a power evacuation system linked to the local substation. Additionally, Gensol will provide 3 years of operations and maintenance (O&M) services, which include upkeep of the plant’s switchyard and transmission systems.

Commenting on the development, Shilpa Urhekar, Chief Executive Officer, Solar EPC (India), Gensol Engineering Ltd, said, ” We are deeply grateful for the trust placed in us by one of India’s leading public sector utilities. This significant project is a testament to Gensol’s growing expertise as a comprehensive, end-to-end solar solutions provider. It will be vital in advancing India’s clean energy transition, aligning with our firm commitment to contributing to the right energy mix. We look forward to further collaborating with the state of Maharashtra to support and enhance India’s renewable energy goals.”

This project supports the Ministry of New and Renewable Energy’s (MNRE) policy introduced in April 2022, which focuses on strengthening Maharashtra’s energy infrastructure and advancing India’s sustainable energy targets. Winning this contract reflects Gensol’s increasing expertise and solid track record of completing renewable energy projects on schedule.

About Gensol Engineering Limited

Founded in 2012, Gensol Engineering Limited is a key company in the renewable energy sector, specialising in solar power engineering, procurement, and construction (EPC) services, as well as electric mobility solutions. With a skilled team of over 500 professionals, Gensol operates across multiple areas, including Solar (Gensol Solar EPC for India and the Middle East, and Scorpius Trackers), EV leasing (Let’sEV), and EV manufacturing (Gensol EV). Gensol Solar EPC is among the top 10 EPC providers in India and ranks in the top 5 for independent EPC companies. The company has successfully completed over 770 MW of solar projects, including rooftop, ground-mounted, and floating solar installations across nearly all Indian states.

On November 04, 2024, the Gensol Engineering Limited share price opened at ₹860.00 and touched the day low of ₹836.45 at 09:32 AM on the NSE. 

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