Gensol Engineering Inks Rs 3.5 Billion Deal to Sell Scorpius Trackers

26 Feb 2025 CW Team

Gensol Engineering has signed a Rs 3.5 billion non-binding term sheet to sell its U.S. subsidiary, Scorpius Trackers, to an undisclosed renewable energy solution provider. The deal, set to close in two tranches by March 2026, includes the transfer of Scorpius Trackers' global intellectual property (IP) rights to the U.S. buyer while retaining its IP for Indian projects.

This move will free up capital for Gensol’s core growth assets and strengthen its financial position. Scorpius Trackers' CEO, Shailesh Vaidya, stated that the agreement would drive rapid U.S. market growth while maintaining a strong focus on India’s solar sector.

Gensol recently expanded its renewable energy business by acquiring three new subsidiaries and reported a 30% year-over-year revenue increase to Rs 3.45 billion in Q3 FY25. The company also secured an Rs 8.97 billion EPC contract from NTPC Renewable Energy for a 225 MW solar project in Gujarat’s Khavda renewable energy park.

(Mercom)

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