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Gensol Engineering Shares Rally 5% on Securing Rs 520 Crore Solar Project

Gensol's exceptional performance highlights its position as an industry leader.

Shares of Gensol Engineering Ltd rallied 5% on 22 March after the company announced receiving an order from a power generation utility in Maharashtra.

In its regulatory filing, the company said that it had received its largest-ever turnkey engineering, procurement, and construction (EPC) order from a leading power generation utility in Maharashtra for a total consideration of Rs 520 crore and has to be executed in 450 days.

The filing added, “The project involves the development of a 100 megawatt alternating current (MWAC)/135 megawatt peak (MWp) ground-mount solar photovoltaic (PV) power project across 500 acres in Maharashtra with a total order value of INR 520 Crore.”

As a part of the project, the company’s role spans the entirety of the project’s life cycle, right from the crucial process of acquiring land, which is a significant undertaking that underlines the project’s scale and complexity to the meticulous aspects of design, engineering, procurement, and logistics.

The project also entails an array of responsibilities, such as civil and electrical engineering works, the installation and commissioning of the plant, the securing of necessary permits, and a commitment to three years of operational management, inclusive of maintenance for the plant’s switchyard and its extensive transmission infrastructure.

Ali Imran Naqvi, CEO of Gensol Engineering Limited, EPC Business, said, “We are thankful for the trust shown by the leading state power generation utility in India in Gensol, it reflects our expanding expertise as a comprehensive provider of end-to-end solar solutions. This project will play a critical role in India’s clean energy transition and decarbonised future, and we stand 100% committed to this goal while bringing in the right energy mix.”

At 12:50 pm, the shares of Gensol Engineering were locked 5% higher at Rs 923.50 on NSE.

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