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Gensol Engineering Acquires Scorpius Trackers for INR 1.35 Billion

With the acquisition of Scorpius Trackers, Gensol, will be able to offer to its clients an end-to-end EPC solution that includes innovative solar tracking technology.

March 22, 2023. By Anurima Mondal

Ahmedabad-headquartered EPC firm Gensol Engineering Ltd. has announced the acquisition of Scorpius Trackers Pvt. Ltd. This acquisition strengthens Gensol Engineering's position as a leading provider of end-to-end renewable energy solutions and is a part of its strategy to expand its portfolio by spreading wings across new geographies.

With the acquisition of Scorpius Trackers, Gensol, will be able to offer to its clients an end-to-end EPC solution that includes innovative solar tracking technology, thus, enabling its customer to reduce their levelised cost of energy.

Being one of India’s largest provider of single-axis solar tracker solutions, Scorpius team brings with it 30 years of experience in delivering commercially successful products in image processing, machine vision, metallurgy, optics, 6-axis motion control, Internet of Things, embedded system design and multifarious software platform development.

In order to cater to the dynamic needs of the IPPs and EPCs, Scorpius has developed its own patented tracker controller, software and innovative structure designs that will help deliver faster payback periods and result in higher overall returns on investment. With signed Letter of Intents for 800 MW in hand, the company is the only bankable tracker supplier from India with a track record of 600 MW capacity in operation across India, Japan, Africa and Middle East.

Due to the strong synergies between the two businesses, it is estimated that the combined revenue of Gensol Solar division will reach INR 23 billion in FY24.

Talking about the acquisition, Anmol Singh Jaggi, MD Gensol Engineering said, "We are thrilled to welcome Scorpius Trackers to the Gensol family. This acquisition is a significant step forward for us. By combining our expertise in solar EPC and Scorpius’s strong reputation and expertise in solar trackers, will help us offer a comprehensive EPC package. We see the global demand for trackers is growing faster than the overall demand for mounting systems as solar energy projects that use trackers generate significantly more ROI than projects that do not".

According to Wood Mackenzie, the global tracker market is expected to be a USD 71 billion cumulative opportunity from 2020 to 2030, representing approximately 682 GW of solar installed over that time period.

“We are excited to join forces with Gensol and bring our innovative solar tracking solutions to even more clients globally. Together, we will be able to create leading positions in major markets for solar in India and outside," added Shailesh Vaidya, CEO of Scorpius Trackers.

Following the acquisition, Scorpius Trackers Pvt. Ltd. will operate as a wholly-owned subsidiary of Gensol Engineering Ltd.

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