Gensol Engg gains on bagging solar projects

Gensol Engineering rose 1.46% to Rs 1,443 after the company said it won tender for building 30 MWac floating solar projects in Jharkhand and West Bengal.

The company has in the month of November 2022 in normal course of business has won the bid for the development of 30 MWac (and a minimum of 40 MWdc) floating solar projects. The cumulative order value of these projects is pegged at over Rs 232.49 crore.

These grid-connected floating solar projects of 30 MWac capacity on raw water reservoirs at state-owned power generator's thermal power plants. This 30 MWac capacity is spread over three thermal power stations in Jharkhand (6 MWac at Koderma) and West Bengal (14 MWac at Mejia and 10 MWac at Raghunathpur).

The scope of work includes design, engineering, supply, construction, testing, and commissioning of these projects alongwith comprehensive operation and maintenance services for 10 years after successfully commissioning the plant.

"Keeping in mind that the global pipeline of new coal power plants has collapsed since the 2015 Paris Climate agreement, new thermal power projects are not being erected, a fact that has prompted such generators to install solar power projects and particularly floating across all its dams," the company said in a statement on Thursday.

Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.

On a consolidated basis, the company's revenue for H1FY23 stood at Rs 182.80 crore, up by 437% YoY from Rs 34.1 crore in H1FY22. Profit after Tax (PAT) for H1FY23 was at Rs 13.1 crore, up by 465% YoY from Rs 2.3 crore in H1FY22.

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