Gensol Engineering wins a ₹139 crore Solar Power project from Sarda Energy in Chhattisgarh – EQ
In Short : Gensol Engineering has secured a solar power project valued at ₹139 crore from Sarda Energy in Chhattisgarh. This accomplishment underscores Gensol Engineering’s expertise in the renewable energy sector and signifies a substantial initiative in advancing solar power generation within the region.
In Detail : Renewable Energy project development services provider Gensol Engineering Ltd. has been awarded a contract by Sarda Energy & Minerals for a 33 MW AC solar power project in Chhattisgarh, it said in an exchange filing.
The project will be useful for captive use at Sarda Energy’s Kharora plant in the state.
Scope of the contract includes design, engineering, procurement and construction, along with commissioning of the solar power facility. The project is scheduled to be completed within six months.
“This marks a significant leap in Gensol’s renewable energy portfolio in the region,” the company said. It will also mark the company’s foray in the Chhattisgarh market.
“Known for its rich mineral deposits and burgeoning industrial sector, Chhattisgarh presents a dynamic market with immense potential for renewable energy integration,” said Ali Imran Naqvi, the CEO of Gensol Engineering.
Ahmedabad-based Gensol Engineering has an overall market capitalisation of ₹3,200 crore. The company’s board recently approved a fundraise worth ₹300 crore via QIP or other methods as deemed fit.
Promoter Group entities hold close to 64% stake in Gensol, as per the latest shareholding pattern.
Prominent public shareholders include Mukul Agrawal, who owns a 1.64% stake in the company.
Shares of Gensol Engineering had risen 7x in 2022 and also doubled in 2023. The company issued one free share for every three held in 2021 and two free shares for every one held last year.
