Gensol Wins ₹780 Crore Solar Project, Leads Green Hydrogen Steel Plant

4 Nov 2024 , 12:16 PM

Gensol Engineering announced on November 3 that it has secured a major ₹780 Crore solar PV project from a prominent public utility in Maharashtra.

The project is a 150 MWac ground-mounted solar PV power plant and involves full turnkey EPC services, with a 15-month timeline for completion. Gensol’s role will cover the complete project lifecycle, including land acquisition, design, engineering, procurement, logistics, and construction.

At the time of writing on November 4, 2024 at 11:57 am, shares of Gensol Engineering is trading at ₹838 which is a 2.87% gain than the previous close. Gensol Engineering stock has gained a total of 5.20% in the last one year, and 1.29% dip since the beginning of the year.

The contract includes manufacturing, supply, construction, installation, testing, and commissioning of the plant, along with developing power evacuation infrastructure to the STU substation. Additionally, Gensol will handle three years of operation and maintenance, covering the plant’s switchyard and transmission systems.

CEO Shilpa Urhekar stated that this contract highlights Gensol’s expanding capacity in delivering end-to-end solar solutions.

Gensol reported a 29% year-over-year growth in net profit, reaching ₹22.93 Crore in Q2, with total income increasing to ₹346.82 Crore. In a recent partnership, Gensol teamed up with Matrix Gas & Renewables to develop India’s first green hydrogen-powered steel facility, as part of the National Green Hydrogen Mission.

This 50 TPD pilot plant is designed to support sustainable steel production using 100% green hydrogen, marking a breakthrough in renewable energy applications in India.