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					</table><p><a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a>, a solar energy consultancy and EPC solutions provider, has acquired 100% of the equity in three newly incorporated companies to expand its renewable energy business.</p>
<p>The company acquired 10,000 equity shares each of Shakti Sangini Energy, <a href="https://www.innogrid.eu/" target="_blank" rel="noopener">Innogrid Energy</a>, and Hari Shakti Energy by investing ₹100,000 (~$1,189.45) each.</p>
<p>After the transaction, the companies will become wholly owned subsidiary companies of Gensol Engineering, the company said in a BSE filing.</p>
<p>Gensol plans to expand its renewable energy business by acquiring the three  companies. These subsidiaries will carry out the business of the generation and distribution of energy using wind and solar sources, and battery storage.</p>
<p>Gensol specializes in solar power engineering, procurement, and construction services. It has executed over 770 MW of diverse solar projects, including rooftop, ground-mount, and floating solar installations across India.</p>
<p>The company announced in April that it had recorded its highest-ever revenue of ₹9.60 billion (~$114.17 million) in the financial year 2024, with a growth of 141% year over year.</p>
<p>Gensol recently <a href="https://www.mercomindia.com/gensol-matrix-to-develop-green-steel" target="_blank" rel="noopener">partnered</a> with Matrix Gas &amp; Renewables to develop a green steel production facility using 100% green hydrogen and employing direct reduced iron vertical shaft technology to convert iron ore to sponge iron. The project’s capital expenditure is estimated at ₹3.21 billion (~$38.18 million), with the Indian government providing 50% CAPEX incentives.</p>
<p>Earlier this month, the company <a href="https://www.mercomindia.com/gensol-bags-23-mw-rooftop-solar-contract-in-dubai" target="_blank" rel="noopener">secured</a> a $22.21 million contract to install 23 MW of rooftop solar systems in Dubai. This contract was awarded by a sustainable development and clean energy firm in the United Arab Emirates. The project will be executed over 20 months and entails designing, constructing, operating, and maintaining rooftop solar systems for an aviation company&#8217;s engineering facilities.</p>
<p>In September, a consortium of Gensol Engineering and Matrix Gas &amp; Renewables was  <a href="https://www.mercomindia.com/gensol-matrix-green-hydrogen-valley-pune">selected</a> to set up India’s first Green Hydrogen Valley in Pune, Maharashtra, on a build-and-operate basis.</p>


Gensol Incorporates Three Subsidiaries for Renewable Energy Expansion


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					</table><p><a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> has partnered with <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas &amp; Renewables</a> for a green steel production facility using 100% green hydrogen and employing direct reduced iron (DRI) vertical shaft technology to convert iron ore into sponge iron.</p>
<p>The project is one of three pilot projects <a href="https://www.mercomindia.com/mnre-approves-three-pilot-projects-for-green-hydrogen-use-in-steel-production" target="_blank" rel="noopener">approved</a> by the Ministry of Steel and the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) under the National Green Hydrogen Mission.</p>
<p>The project’s capital expenditure (CAPEX) is estimated at ₹3.21 billion (~$38.18 million), with the Indian government providing 50% CAPEX incentives.</p>
<p>This technology, created for Indian-grade ore, would help Matrix achieve its larger objective of setting up green steel factories similar to those for medium to small-scale producers in Odisha, Chhattisgarh, and other parts of India. By using green hydrogen generated from renewable energy to replace coal and natural gas, the new method will eliminate CO2 emissions and represent a significant advancement in the manufacturing of clean iron.</p>
<p>Matrix Gas &amp; Renewables, Gensol Engineering, Indian Institute of Technology Bhubaneswar, and Metsol AB (Sweden) will collaborate on this pilot project, which will have a capacity of 50 tons per day (TPD).</p>
<p>Matrix will manage the entire project lifecycle, which includes land acquisition, environmental assessments, and all key phases of design, engineering, procurement, and logistics. The scope of work includes manufacturing, supply, erection, inspection, installation, testing, commissioning, and supporting infrastructure development.</p>
<p>MECON, a government of India enterprise offering design, engineering, consultancy, and contracting services, recently <a href="https://www.mercomindia.com/mecon-issues-tender-for-green-hydrogen-injection-in-steel-plants" target="_blank" rel="noopener">issued</a> a request for proposal for pilot projects on green hydrogen injection in existing blast furnaces and DRI units.</p>
<p>Steel Minister Jyotiraditya Scindia told Parliament in 2022 that the government intends to mandate the use of green steel in government projects to decarbonize one of the most hard-to-abate sectors. Green steel, or low-carbon steel, is steel manufactured without the use of fossil fuels.</p>


Gensol-Matrix to Develop Green Steel Project Using Green Hydrogen


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					</table><p>A consortium of engineering and consulting firm, <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> and <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas &amp; Renewables</a>, a natural gas aggregator and hydrogen infrastructure developer, has won an engineering, procurement, and construction (EPC) contract from a power generation company to develop India’s first bio-hydrogen project.</p>
<p>The project, valued at ₹1.64 billion (~$19.53 million), aims to convert 25 tons of bio-waste into 1 ton of green hydrogen daily. It is slated for completion within 18 months, Gensol said in a bourse filing.</p>
<p>Gensol has formed a strategic partnership with U.S.-based Westinghouse, which holds patents for the technology and has successfully commissioned similar plants globally.</p>
<p>The project includes establishing a 25 tons per day (TPD) bio-waste processing facility and producing 1 TPD of green hydrogen using the Pre-Gasification Plasma-Induced Radiant Energy-Based Gasification System technology.</p>
<p>In another filing, Gensol Engineering said it has acquired a 99.99% equity stake in Gridstor Energy by investing ₹99,990 (~$1,191).</p>
<p>Gensol plans to generate, develop, produce, and distribute power, focusing on renewable energy sources such as solar, wind, and battery storage through Gridstor. Gridstor Energy is a newly established entity with no market presence yet.</p>
<p>Gensol recently <a href="https://www.mercomindia.com/gensol-enters-us-market-with-solar-trackers-subsidiary-scorpius/" target="_blank" rel="noopener">expanded</a> into the U.S. by launching its Delaware-based subsidiary, Scorpius Trackers. This move is part of Gensol’s strategy to tap into the growing U.S. solar tracker market, which deploys over 25,000 MW of trackers annually and is expected to grow at more than 20% CAGR. By 2028, Gensol aims to supply over 2,000 MW of trackers annually. Scorpius Trackers’ first U.S. office will be located in California.</p>
<p>The company had also <a href="https://www.mercomindia.com/gensol-matrix-gas-hydrogen-electrolyzer-bid" target="_blank" rel="noopener">emerged</a> as the winning bidder in SECI’s auction for a 237 MW hydrogen electrolyzer manufacturing capacity under the Production Linked Incentive program in collaboration with Matrix Gas &amp; Renewables.</p>


Gensol-Matrix Consortium Wins EPC Contract to Develop Bio-Hydrogen Project


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					</table><p>Solar engineering and consulting firm <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> raised ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis.</p>
<p>The equity funding saw participation from international and domestic participants, including the <a href="https://elaracapital.com/" target="_blank" rel="noopener">Elara India Opportunity Fund</a>, <a href="https://ariescapitalpartners.com/" target="_blank" rel="noopener">Aries Opportunities Fund</a><u>,</u> and Tano Investment Opportunities Fund.</p>
<p>“We continue to build on our successful financial performance through the latest fundraise. This capital infusion strengthens Gensol&#8217;s financial position, facilitating new possibilities with funds being deployed for working capital, inorganic growth opportunities, and further investment in our subsidiaries. Our priority remains delivering value to shareholders and customers while solidifying our commitment to playing a key role in India’s transition to green energy and clean mobility,” said Anmol Singh Jaggi, chairperson, and managing director at Gensol.</p>
<p>This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024, and statutory approvals in compliance with SEBI Regulations.</p>
<p>The company, which has a presence in solar engineering, procurement, and construction (EPC), electric vehicle leasing, and manufacturing, is aiming to achieve a fivefold growth in the next three years.</p>
<p>In the recent past, the company has also installed ground-mounted and rooftop solar power plants with a combined capacity exceeding 600 MW.</p>
<p>Gensol <a href="https://www.mercomindia.com/gensol-profit-surges-eight-fold-q3-fy24" target="_blank" rel="noopener">posted</a> a net profit of ₹123.1 million (~$1.5 million) in the third quarter of 2023, recording a 78% year-over-year increase from a net loss of ₹19 million  (~$228,578). This increase was attributed to the uptick in EPC orders that the company received.</p>
<p>Last October, the company <a href="https://www.mercomindia.com/gensol-secures-epc-contract-in-maharashtra" target="_blank" rel="noopener">secured</a> a ₹3.02 billion ($36.3 million) solar EPC contract for a 62 MW solar project from Maharashtra State Power Generation Company.</p>
<p>Earlier this year, Gensol also <a href="https://www.mercomindia.com/gensol-%E2%82%B91-39-billion-solar-epc-contract-sarda" target="_blank" rel="noopener">secured</a> an EPC contract worth ₹1.39 billion (~$18.06 million) from Sarda Energy for a 33 MW captive solar power project.</p>


Solar EPC Firm Gensol Raises ₹9 Billion in Equity Capital


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					</table><p>Engineering and consulting firm <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> has been awarded the engineering, procurement, and construction (EPC) contract by the Damodar Valley Corporation (<a href="https://www.dvc.gov.in/" target="_blank" rel="noopener">DVC</a>) for an 8 MW ground-mounted solar power project in Panchet town of Dhanbad district in Jharkhand.</p>
<p>The company will also oversee the project’s operation and maintenance for five years.</p>
<p>Gensol won the project by quoting ₹476 million (~$5.76 million) in the e-reverse auction.</p>
<p>The company must now submit a performance security amount equivalent to 5%-10% of the contract value.</p>
<p>In addition to the performance security, retention money equivalent to 5% of each running bill will be withheld by DVC until final acceptance to ensure the completion of the project.</p>
<p>Gensol must commission the project within nine months of receiving the letter of award.</p>
<p>DVC had <a href="https://www.mercomindia.com/damodar-valley-corp-8-mw-solar-project-jharkhand" target="_blank" rel="noopener">floated</a> the tender for the project in February 2023, outlining the mandate of using monocrystalline solar photovoltaic technology with a fixed tilt configuration.</p>
<p>Gensol will be responsible for supplying solar modules, mounting structures, string combiner boxes, power conditioning units, inverters, and all the necessary equipment required to construct a 33 kV bay at the existing 132/33 kV Panchet Hydel Station switchyard.</p>
<p>It must also ensure that vendors provide a guarantee for the materials and equipment for 18 months from the date of delivery or 12 months from the date of commissioning, whichever is earlier.</p>
<p>It had been specified that the modules used in the project must be warranted with a linear degradation rate of power output except for the first year and guarantee a minimum of 80% of the initial rated power output at the end of 25 years from the date of successful commercial operation.</p>
<p>The project will be Gensol’s second ground-mount project and, overall, third for DVC. Gensol had commissioned a 10 MW ground-mount solar power project in Koderma, Jharkhand, and a 30 MW floating solar power project at multiple locations in Jharkhand and West Bengal.</p>
<p>In June 2023, Gujarat-based Param Renewable Energy, the operation and maintenance (O&amp;M) arm of Gensol, was <a href="https://www.mercomindia.com/param-renewable-wins-indian-oils-auction-5-mw-solar-project" target="_blank" rel="noopener">awarded</a> a contract by the Indian Oil Corporation for the O&amp;M of a 5 MW solar power project located at IOCL’s Rawra facility in the Jodhpur district of Rajasthan for three years.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender and auction activity.</p>


Gensol Wins EPC Contract for Damodar Valley Corporation’s 8 MW Solar Project


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					</table><p><a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">Gensol Engineering</a> announced that it has won the auction to develop 30 MW floating solar projects by quoting ₹2.32 billion (~$28.64 million).</p>
<p>The projects will be spread over three thermal power stations in Jharkhand and West Bengal.</p>
<p>The tender was <a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">issued</a> by the Solar Energy Corporation of India (SECI) in June this year for developing projects at Damodar Valley Corporation’s thermal power stations located in Koderma (6 MW), Mejia (14 MW), and Raghunathpur (10 MW).</p>
<p>The scope of work includes designing, engineering, and commissioning these projects and comprehensive operation and maintenance services for ten years.</p>
<p>The floating solar projects must be commissioned within 12 months, and the solar modules and cells used for the project must be supplied through ‘Class I local suppliers’ only.</p>
<p>A Class-I local supplier must have 50%, or above local content in goods, services, or works offered for procurement.</p>
<p>The cells and modules used for the projects must be sourced only from the models and manufacturers included in the List-I of the Approved List of Modules and Manufacturers order issued by the Ministry of New and Renewable Energy.</p>
<p>The tender comes at a time when the government is trying to resolve the intermittent nature of renewable while also cutting down on coal dependency.</p>
<p>The Ministry of Power had recently <a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">proposed</a> that any coal-based thermal generation station coming up after April 1, 2024, must either install or procure renewable energy equivalent to 25% of the thermal generation capacity.</p>
<p>The proposal was in line with the government’s goal to operationalize a provision in the Tariff Policy, 2016, which says that the renewable energy produced by each generator could be sold after bundling it with thermal energy.</p>
<p>Gensol Engineering <a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">announced</a> that as of September 18, 2022, it had closed orders for the development of over 121 MW aggregate capacity of solar power projects worth over ₹5.31 billion (~$66.61 million).</p>
<p>The company is also expanding its business scope to electric vehicle manufacturing and recently <a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">announced</a> the acquisition of a majority stake in a U.S.-based EV manufacturing startup.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real-time.</p>


Gensol Wins SECI’s EPC Auction for 30 MW Floating Solar Projects

<p>The Central Electronics Limited (<a href="http://www.celindia.co.in/drupal7/" target="_blank" rel="noopener noreferrer">CEL</a>) has announced the auction results for its 44 MW solar tender.</p>
<p>In December last year, CEL had <a href="https://mercomindia.com/cel-invites-bids-solar-systems-maharashtra/" target="_blank" rel="noopener noreferrer">invited</a> bids to install solar-based small projects with capacities ranging between 0.25 MW to 10 MW on the open, unused lands in the premises of existing substations of Maharashtra State Electricity Distribution Company Limited (<a href="https://www.mahadiscom.in/" target="_blank" rel="noopener noreferrer">MSEDCL</a>).</p>
<p>The project would be developed in two parts. Part I will consist of site surveys, submission of drawings for approval, minutes of the meet, and project design document. Part II will comprise the implementation of small solar power projects with an operation and maintenance (O&amp;M) period of 10 years.</p>
<p>The winners of the auction are Gensol Engineering Private Limited, Kor Energy India Private Limited, Purshotam Profiles Private Limited, Mitcon Consultancy and Engineering Services Limited, and Kalpa Power Private Limited.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2020/02/CEL-44-MW-Solar-Power-Generation-Systems-BOS-Tender.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-17768" src="https://mercomindia.com/wp-content/uploads/2020/02/CEL-44-MW-Solar-Power-Generation-Systems-BOS-Tender.png" alt="CEL - 44 MW Solar Power Generation Systems (BOS) Tender" width="518" height="228" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/02/CEL-44-MW-Solar-Power-Generation-Systems-BOS-Tender.png 518w, https://cms.mercomindia.com/wp-content/uploads/2020/02/CEL-44-MW-Solar-Power-Generation-Systems-BOS-Tender-300x132.png 300w" sizes="(max-width: 518px) 100vw, 518px" /></a></p>
<p>Gensol Engineering Private Limited won a capacity of 13.2 MW. Kor Energy Private Limited won a capacity of 11 MW, whereas Purshotam Profiles Private Limited won a capacity of 8.8 MW. Mitcon Consultancy and Engineering Services Limited won 6.6 MW, and Kalpa Power Private Limited won a capacity of 4.4 MW. All the five companies had bid for 44 MW at different tariff rates, in which Gensol had quoted the lowest price of ₹15.1 (~$0.211)/W. After the lowest tariff of ₹15.1 (~$0.211)/W quoted by Gensol, CEL asked the companies to go with the tariff rate of ₹15.05 ($0.210)/W.</p>
<p>The scope of work includes the supply of balance of system, including module mounting structures and any other items required for the installation of the solar PV projects. CEL will supply 310Wp of solar PV modules at the designated project sites.</p>
<p>Recently, the government of India <a href="https://mercomindia.com/government-owned-solar-cell-module-manufacturer-cel-up-for-sale/" target="_blank" rel="noopener noreferrer">invited</a> an expression of interest for the proposed disinvestment of 100% shareholding in Central Electronics Limited. The last date for the submission of interest is March 16, 2020.</p>
<p>A few months ago, CEL had <a href="https://mercomindia.com/cel-tender-multicrystalline-solar-modules-maharashtra/" target="_blank" rel="noopener noreferrer">floated</a> a tender for 5 MW of multi-crystalline solar modules for several substations in Maharashtra.</p>


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