Gensol Engineering, a prominent player in India’s renewable energy sector, announced that its solar EPC order book has reached INR 4,097 crore as of September 30, 2024. This portfolio, which spans 1.5 GW of solar projects from Public Sector Undertakings (PSUs) and private clients, is set to be executed over the next 12 to 18 months.
Order Breakdown
The current solar EPC order book includes large projects across various sectors. Notable orders include:
PSU – IPP projects: INR 1,001 Crore
PSU – IPP (Under Award): INR 782 Crore
Private – IPP projects: INR 463 Crore
PSU – Hydrogen: INR 164 Crore
In addition to its solar order book, Gensol is also expanding its footprint in the Battery Energy Storage Systems (BESS) space, with orders under the Build-Own-Operate (BOO) model. This diversification is crucial to addressing the intermittency of renewable energy and further boosting Gensol’s revenue potential.
Revenue Visibility
As of September 2024, Gensol’s total revenue visibility across all segments is INR 9,055 Crore, including:
Solar EPC (unexecuted order book): INR 4,097 Crore
BESS (over 12 years): INR 3,138 Crore
Solar Power Generation (over 25 years): INR 1,820 Crore
Leadership Insight
Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering, highlighted the company’s growth trajectory, stating, “This robust order book reflects Gensol’s strength and capability in executing large-scale renewable projects. Our achievements in BESS and solar power generation have diversified our operations, expanding our total revenue visibility to over INR 9,000 Crore. We are positioned for a significant leap in India’s rapidly expanding solar sector.”
Expansion and Innovation
Gensol continues to enhance its offerings in the renewable energy space, including through its recent acquisition of Scorpius Trackers, a leading solar tracking solutions provider. This move strengthens Gensol’s position in the solar EPC market and enables it to provide state-of-the-art technology to clients.
Gensol is also making strides in the electric vehicle (EV) space. The company has established a manufacturing facility in Pune with an annual production capacity of 30,000 vehicles. Its EVs are designed for fleet and cargo use, with future plans for passenger segments.
Gensol Engineering, with over 500 professionals, has executed more than 770 MW of solar projects across India and the Middle East. Gensol is also venturing into green hydrogen production and BESS.