Gensol Engineering Secures Rs 897.47 Cr EPC Contract From NTPC REL

On Thursday, Gensol Engineering Ltd announced that it received an EPC contract from NTPC Renewable Energy Limited for the development of 225MW Grid Connected Solar PV Projects at GSECL Solar Park (Stage-III), Khavda, Gujarat. The agreement included three years of operation and maintenance and had a total bid value of about Rs 897.47 crores (including GST). The development of 225MW-AC (or 276 MWDC) grid-connected solar PV projects at GSECL Solar Park (Stage-III), Khavda, in the Rann of Kutch, Gujarat, is within the borders of this contract.

In their efforts to advance renewable energy infrastructure in India, NTPC REL and Gensol Engineering Limited achieved an important step last week with the formal execution of their contract.

Shilpa Urhekar, Chief Executive Officer, Solar EPC (India) at Gensol Engineering Ltd., stated, "We are thrilled to announce that we have been awarded the prestigious PV project contract by NTPC Renewable Energy Limited (NTPC REL) at GSECL SOLAR PARK (STAGE-III), located in the Rann of Kutch, Gujarat. This collaboration demonstrates the belief in Gensol's leadership in project management proficiency and renewable expertise. Recognizing the customer needs, and excellent execution together with world-best technology and O&M expertise is what sets apart us from other EPC players."

"This order is paramount for fulfilling India's escalating need for clean and sustainable energy, in line with the government's vision to fulfill this need. We remain pledged to make our utmost contributions in all respects," Shilpa Urhekar further added.

Gensol Engineering Limited (BSE: 542851, NSE: GENSOL) won the first significant turnkey solar project from a leading steel product company in Punjab last week, on December 18, 2024. 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.

According to Gensol Engineering Limited, as of October 31, 2024, its solar EPC order book was worth Rs 5,424 crore. This significant amount covers solar projects that will be completed in 12 to 18 months and come from both commercial clients and Public Sector Undertakings (PSUs). Compared to the existing order book, Gensol's bid pipeline is robust. Gensol has acquired orders for Battery Energy Storage Systems (BESS) under the BOO model in addition to the solar order book, which has boosted its revenue potential.

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).

On Thursday, the shares of Gensol Engineering ended 4.61% lower at Rs 713.35 per share on the BSE with a market cap of Rs 2,701.66 Cr.