Gensol Commissions Solar Plant, Approves Rs 6B Fundraising Plan

11 Apr 2025 CW Team

Gensol Engineering Ltd has successfully commissioned a ground-mounted solar power plant in Panchet town, located in the Dhanbad district of Jharkhand. The project, developed under an EPC contract worth Rs 400 million, highlights the company’s technical proficiency in executing large-scale renewable energy installations in challenging environments.

Spanning 40 acres, the facility is expected to generate over 15 million units of clean energy annually, supporting commercial energy demands in the region. Gensol stated that the project also includes full operations and maintenance (O&M) services for a period of five years. In terms of environmental impact, the plant is projected to offset approximately 21000 metric tonnes of CO? emissions each year, contributing to Jharkhand’s broader renewable energy goals and efforts to reduce fossil fuel dependency.

In a separate development, the company’s Board of Directors has approved a fundraising plan totalling Rs 6 billion. According to a recent exchange filing, the capital will be raised through a combination of foreign currency convertible bonds (FCCBs) and promoter-issued warrants — Rs 4 billion through FCCBs and Rs 2 billion through warrants.

Gensol stated that the initiative is aimed at supporting sustainable growth, reducing debt, and enhancing shareholder value. As of now, the company has a reported debt of Rs 11.46 billion against reserves of Rs 5.89 billion, placing its debt-equity ratio at 1.95. Post-fundraising, reserves are expected to rise to around Rs 12 billion, significantly strengthening the firm’s financial position.

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