Gensol Engineering secures ₹463 Crore solar plant order

30 Jul 2024 , 10:41 AM

Shares of solar engineering solutions provider Gensol Engineering Ltd surged over 4% in morning trade on Monday, July 29. The rise followed the company’s announcement of securing an order worth ₹463 Crore for a solar plant at Gujarat’s Khavda RE Power Park.

At the time of writing on July 30, 2024 at 10:39 am, shares of Gensol Engineering is currently trading at ₹1014 which is a 2.01% gain than the previous close. Gensol Engineering stock has witnessed a total of 38% dip in the last one year, and 19% gain since the beginning of the year.

The project includes engineering, design, procurement, installation, testing, and commissioning of a solar plant with a fixed tilt module mounting structure and the remaining balance of the system.

Shilpa Urhekar, CEO of Solar EPC (India) at Gensol Engineering Ltd, emphasized the company’s understanding of customer needs, excellent engineering track record, and commitment to delivering high-quality renewable solutions as key factors in their recent successes.

Urhekar noted that Gensol is currently executing solar projects for several prominent clients, totaling approximately 1 GW.

The new order reinforces Gensol’s position as a major player in the renewable energy sector, demonstrating its continued growth and success in delivering innovative and efficient solar power solutions.

Last week, Gensol Engineering announced securing a bid for 116 MW (150 MWp) of solar projects in Gujarat, with an estimated EPC revenue of ₹600 Crore. These projects will be spread across 27 diverse locations, all overseen by Paschim Gujarat Vij Co Ltd (PGVCL), the state electricity distribution company.