Gensol Engineering bags ₹520 crore solar PV project in Maharashtra
Upstox
2 min read • Updated: March 22, 2024, 10:27 AM
Summary
The order has been awarded by a "leading power generation utility", whose identity was not disclosed by the company in its release. The project has a 450-day completion deadline, Gensol said, adding that it would develop a "100 MWAC/135 MWp ground-mount solar PV power project” across 500 acres of land.
Gensol Engineering, on Friday, March 22, said it has received an order worth ₹520 crore in Maharashtra for a solar photovoltaic (PV) project. The company's shares have been on the uptrend in recent trading sessions.
The order has been awarded by a "leading power generation utility", whose identity was not disclosed by the company in its release. The announcement came shortly before the stock markets opened.
This is the "largest-ever turnkey" engineering, procurement and construction (EPC) order in size and value secured by the company, Gensol said. Turnkey projects are those where the contractor is responsible for all aspects – planning to execution – under a single contract.
The project has a 450-day completion deadline, Gensol said, adding that it would develop a "100 MWAC/135 MWp ground-mount solar PV power project across 500 acres in Maharashtra".
The region where the project would come up was not specified. However, Gensol noted that its role in executing the project involves the acquisition of land.
The project further includes a commitment of three years of operational management, including the maintenance of the plant’s switchyard and its extensive transmission infrastructure, the release said.
"This project will play a critical role in India’s clean energy transition and decarbonised future, and we stand 100% committed to this goal while bringing in the right energy mix," Ali Imran Naqvi, CEO of Gensol Engineering Limited (EPC Business) said.
Following a spree of orders bagged in recent months, Gensol is expected to report strong numbers in its Q4 FY24 results. In the quarter ended December 2023, the company posted a net profit of ₹12.31 crore, as against a net loss of ₹1.9 crore in the year-ago period. In the same period, its total income increased to ₹227.12 crore, from ₹52.22 crore in the corresponding period of the previous fiscal year.
Shares of Gensol were locked in the upper circuit during the first three trading sessions of this week. At 10:24 am on March 22, the stock was trading at ₹906.65, up 3.08% as against the previous day's close.