Gensol Locks Deals worth Rs 153 Cr for Building 55.8 MWp Solar Projects; Stock Hits 52-Week High

Anmol Jaggi-led Gensol Engineering has secured orders worth over Rs 153 crore for the development of solar power projects aggregating 58.8 MWp capacity in the states of Jammu & Kashmir, Gujarat, Punjab, Rajasthan, Tamil Nadu and Telangana.
 
Out of the total 7 contracts, which Gensol bagged from its reputed clients, 5 are based on the full turn-key EPC model, while 2 are Balance of System (BoS) projects.
 
Furthermore, the company has received four projects, out of 7 projects, for utility-scale and other three for rooftop solar to be set up at the factories of its clients.
 
The company said that out of the seven projects, four clients have repeated their orders with Gensol.
 
Gensol Engineering Ltd is a part of Gensol group of companies, which offer EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India. So far, it has erected solar power plants of over 350 MW capacity both ground-mounted and rooftop solar.
 
The company has recently ventured into electric vehicle (EV) manufacturing by acquiring a majority stake in a US-based EV manufacturing startup.
 
Also, it is aiming to set up its R&D center for technology development and the start of production in Q1 2023 in Pune, India with 12,000 cars/year capacity in phase-I. Besides, it is also hiring a team of over 150 automobile engineers & designers for this venture.
 
Meanwhile, scrips of the company hit a 52-week high and were trading at 1,706.65 apiece, up 5 per cent, from the previous close on the bourse at 13:33 hours on Friday.