Gensol Engineering shares fly 10% on Rs 897 crore-order win; details inside

Gensol Engineering share price: Gensol Engineering shares zoomed up to up 9.34 per cent to hit an intraday high of Rs 780 per share on Friday, December 27, 2024. 

 

The surge in Gensol Engineering share price came after the company announced that it has secured a major engineering procurement and construction (EPC) contract from NTPC Renewable Energy Limited (NTPC REL). 

 

In an exchange filing, the company said, “Gensol Engineering has secured a EPC contract from NTPC Renewable Energy Limited Development of 225MW Grid Connected Solar PV Projects at GSECL Solar Park (Stage-III), Khavda, Gujarat, with a total bid value of approximately Rs 897.47 crore (Including GST), including three years of operations and maintenance (O&M).”  

 

Under the terms of the contract, Gensol Engineering will be responsible for the development of 225MW-AC (equivalent to 276 MWDC) Grid connected solar PV projects at GSECL Solar Park (Stage-III), Khavda in the Rann of Kutch, Gujarat.

 

The total bid value for this project, including operations and maintenance (O&M) for a duration of three years, amounts to approximately Rs 897.47 crore, inclusive of taxes and duties, Gensol Engineering said in a statement. 

 

“The contract between NTPC REL and Gensol Engineering Limited was formally executed last week, marking a substantial milestone for both entities in their pursuit of advancing renewable energy infrastructure in India,” Gensol Engineering said.

 

"We are thrilled to partner with UAE’s leading sustainable development and clean energy development company on this landmark project, which reflects our ongoing commitment to delivering innovative and efficient solar EPC solutions in this region. This project further strengthens our presence in the Middle East and aligns with Dubai's vision of becoming a global leader in clean energy by 2050," said Kapil K Nirmal, CEO of Solar EPC (MENA) at Gensol Engineering. 

About Gensol Engineering

 

Established in 2012, Gensol Engineering Limited is a prominent player in the renewable energy sector, specialising in solar power engineering, procurement, and construction (EPC) services. The company also extends its expertise to electric mobility solutions, reflecting its commitment to sustainable energy innovations. 

 

With a robust presence across India and the Middle East, Gensol Solar EPC, a core division of the company, is ranked among the top 10 EPC providers in India and among the top 5 independent EPC players.

 

Gensol has successfully delivered over 770 MW of solar power projects, including rooftop, ground-mounted, and floating solar installations, spanning nearly all Indian states. Supported by an experienced team of over 500 professionals, the company’s portfolio also includes Scorpius Trackers for solar solutions, Let'sEV for electric vehicle leasing, and Gensol EV for EV manufacturing. 

 

The market capitalisation of Gensol Engineering stood at Rs 2,878.15 crore, according to BSE. The company falls under the BSE SmallCap category.

 

At 11:30 AM, Gensol Engineering shares were trading 6.15 per cent higher at Rs 757.25 per share. In comparison, BSE Sensex was trading 0.46 per cent higher at 78,831.59 levels.