Gensol Engineering secures ₹463 crore order for solar power plant

Shares of Gensol Engineering Ltd, a provider of solar engineering solutions, rose more than 4% in morning trading on Monday, July 29. The increase comes after the company announced that it has received an order worth Rs 463 crore to set up a solar power plant at Khavda RE Power Park in Gujarat.

At the time of writing on July 30, 2024 at 10:39 AM, Gensol Engineering shares are currently trading at ₹1014, up 2.01% from its previous close. Gensol Engineering shares have seen a cumulative 38% decline over the past year and a 19% increase year-to-date.

The project includes engineering, design, procurement, installation, testing and commissioning of a solar power plant with a fixed-angle module and the remaining part of the system.

Shilpa Urhekar, General Manager, Solar EPC (India), Gensol Engineering Ltd, highlighted that the company’s understanding of customer needs, excellent engineering achievements and commitment to delivering high-quality renewable energy solutions are key factors behind its recent successes.

Urhekar noted that Gensol is currently executing solar projects for several high-profile clients with a total capacity of around 1 GW.

The new order strengthens Gensol’s position as a significant player in the renewable energy market, confirming the company’s continued growth and success in delivering innovative and efficient solar energy solutions.

Last week, Gensol Engineering announced that it has bid for 116 MW (150 MWp) of solar PV projects in Gujarat, with an estimated EPC revenue of ₹600 crore. These projects will be implemented in 27 different locations and will be overseen by Paschim Gujarat Vij Co Ltd (PGVCL), a state-owned electricity distribution company.