Gensol Engineering share price

Gensol Engineering Secures ₹780 Crore Solar PV Project, Shares Surge Nearly 5%

Shares of Gensol Engineering Ltd surged nearly 5% to ₹860 on the Bombay Stock Exchange (BSE) following the company’s announcement of a significant ₹780 crore contract for a 150 MWac solar photovoltaic (PV) project in Maharashtra. This project marks a crucial step in supporting India’s renewable energy ambitions and reflects Gensol’s growing reputation in the sector.

Project Details and Scope

The awarded contract entails the development of a ground-mounted solar PV power plant with a capacity of 150 MWac. The project will be executed over a 15-month timeline and encompasses a comprehensive range of activities. These include manufacturing, supply, erection, inspection, installation, testing, and commissioning of the solar power plant, alongside the construction of necessary power evacuation infrastructure connecting to the State Transmission Utility (STU) substation. Furthermore, the contract includes three years of operation and maintenance (O&M) services, which cover the upkeep of the plant’s switchyard and extensive transmission systems.

Aligning with National Energy Goals

This significant project aligns with the forward-looking policies introduced by the Ministry of New and Renewable Energy (MNRE) in April 2022, which aims to enhance Maharashtra’s energy infrastructure and make substantial contributions to India’s sustainable energy objectives. By securing this contract, Gensol demonstrates its commitment to advancing clean energy solutions and supporting the nation’s transition to renewable sources.

Gensol’s Expertise in Renewable Energy

The awarding of the contract is a testament to Gensol Engineering’s growing expertise and its established track record of delivering renewable energy projects efficiently and on schedule. The company has gained the trust of leading public sector utilities, underscoring its role as a reliable provider of comprehensive solar solutions.

Shilpa Urhekar, Chief Executive Officer of Solar EPC (India) at Gensol Engineering, expressed gratitude for the trust placed in the company, stating, “This significant project is a testament to Gensol’s growing expertise as a provider of comprehensive, end-to-end solar solutions. It will play a vital role in advancing India’s clean energy transition, aligning with our firm commitment to contributing to the right energy mix. We look forward to further collaborating with the state of Maharashtra to support and enhance India’s renewable energy goals.”

Gensol’s Stock Performance

Over the past few years, Gensol Engineering’s shares have shown remarkable growth, rising by 3,339% over the last three years and 3,898% over the last five years. Additionally, the stock has experienced a surge of 74% in the past two years, reflecting strong investor confidence in the company’s prospects and its pivotal role in the renewable energy landscape.

Conclusion:

Gensol Engineering’s recent contract win for a 150 MWac solar PV project in Maharashtra highlights the company’s significant contributions to India’s renewable energy sector. With a proven track record and a commitment to delivering comprehensive solar solutions, Gensol is well-positioned to drive sustainable energy initiatives forward. Gensol Engineering share price, This latest development not only boosts the company’s market performance but also reinforces its role in supporting the nation’s clean energy transition.