Gensol Engineering Secures EPC Contract of Rs 1061.97 Cr From Renowned PSU

Gensol Engineering's stock attracted investors on Monday after opening at Rs 750 per share and rising to an intraday high of Rs 796.40. With a total bid value of about Rs 1061.97 crores (including GST), including three years of O&M, Gensol Engineering Limited, a well-known leader in the renewable energy sector with expertise in solar power engineering, procurement, and construction (EPC) services, achieved a major EPC contract from Renowned Public Sector Undertaking for the execution of 275MW Solar PV Project at RE Solar Park, Khavda Rann of Kutch, Gujarat, on Monday. This news attracted market watchers' attention to the stock.

Shilpa Urhekar, Chief Executive Officer, Solar EPC (India) at Gensol Engineering Ltd., stated, "We have started Calendar Year 2025 on a high note. We have been awarded a prestigious Solar PV project contract from Renowned Public Sector Undertaking at RE Solar Park, Khavda Rann of Kutch, Gujarat. This partnership holds immense value for us, and we are grateful for the continued trust and confidence placed in us by such large RE corporation."

"As a proud homegrown company, we wholeheartedly align with the government's vision to address India's increasing demand for clean and sustainable energy. Our commitment is unwavering, and we continuously strive to make meaningful contributions across all facets of our operations. By harnessing innovative technologies and fostering a culture of excellence, we aim to play a pivotal role in advancing the nation's energy landscape and ensuring a greener future for generations to come," said Gensol Engineering in a stock exchange filing on Monday.

Gensol Electric Vehicles Pvt. Ltd. (GEVPL), a division of Gensol Engineering Limited, extended an invitation to its partners, shareholders, and guests to attend the Bharat Mobility Global Expo 2025 on December 30, 2024, to witness the first-ever display of its ground-breaking EZIO compact electric vehicles. This massive event will take place in Bharat Mandapam in New Delhi from January 17 to 22, 2025.

Manufactured in Gensol's state-of-the-art greenfield plant in Chakan, Pune, which can produce 30,000 units annually, this facility is expected to be crucial to India's widespread adoption of EVs.

Gensol Engineering recently won a sizable EPC contract from NTPC Renewable Energy Limited (NTPC REL) on December 26, 2024. Under this contract, 225MW-AC (or 276 MWDC) grid-connected solar PV projects will be developed at GSECL Solar Park (Stage-III), Khavda, which is situated in Gujarat's Rann of Kutch. With taxes and levies included, the project's entire bid value, including operations and maintenance (O&M) over a three-year period, comes to about Rs 897.47 crores.

On December 18, a prominent steel product firm in Punjab awarded Gensol Engineering Limited its first sizable turnkey solar project. Over the course of six months, the project, which has a total contract value of Rs 88 Crore, entails the building of a 22 MW ground-mounted solar PV power plant.

Gensol Engineering Limited was founded in 2012 and is a prominent participant in the renewable energy industry, specialised in electric mobility solutions and solar power engineering, procurement, and construction (EPC) services. Gensol has more than 500 specialists with a wide range of experience in solar (Gensol Solar EPC (India & Middle East) and Scorpius Trackers), EV manufacturing (Gensol EV), and EV leasing (Let'sEV). Among the top 10 EPC companies in India and the top 5 independent EPC companies, Gensol Solar EPC has completed more than 770 MW of various solar projects, including ground mount, rooftop, and floating solar installations in practically every Indian state.