+
Gensol Engineering secures $108 mn in equity funding
ECONOMY & POLICY

Gensol Engineering secures $108 mn in equity funding

Gensol Engineering, a solar engineering and consulting firm, successfully garnered Rs 9 billion (~$108 million) in equity capital through convertible warrants on a preferential basis. The funding round witnessed participation from both international and domestic investors, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund.

Anmol Singh Jaggi, the Chairperson and Managing Director at Gensol, emphasised the company's commitment to financial excellence and its role in India's transition to green energy and clean mobility. The capital infusion is intended to bolster Gensol's financial standing, supporting initiatives such as working capital enhancement, pursuing inorganic growth opportunities, and further investment in subsidiaries. The proposed capital raise is contingent on shareholder approval at the extraordinary general meeting scheduled for March 2, 2024, and compliance with SEBI Regulations.

Gensol, operating in solar engineering, procurement, construction (EPC), electric vehicle leasing, and manufacturing, aims for a substantial fivefold growth over the next three years. The company has recently installed ground-mounted and rooftop solar power plants, boasting a combined capacity exceeding 600 MW.

The firm's financial performance has been noteworthy, evident in its net profit of Rs 123.1 million (~$1.5 million) in the third quarter of 2023, marking a significant 78% year-over-year increase from a previous net loss of Rs 19 million (~$228,578). This positive trend is attributed to a surge in EPC orders received by Gensol.

In October of the preceding year, Gensol secured a Rs 3.02 billion ($36.3 million) solar EPC contract for a 62 MW solar project from Maharashtra State Power Generation Company. Additionally, earlier this year, the company secured a Rs 1.39 billion (~$18.06 million) EPC contract from Sarda Energy for a 33 MW captive solar power project.

Gensol Engineering, a solar engineering and consulting firm, successfully garnered Rs 9 billion (~$108 million) in equity capital through convertible warrants on a preferential basis. The funding round witnessed participation from both international and domestic investors, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. Anmol Singh Jaggi, the Chairperson and Managing Director at Gensol, emphasised the company's commitment to financial excellence and its role in India's transition to green energy and clean mobility. The capital infusion is intended to bolster Gensol's financial standing, supporting initiatives such as working capital enhancement, pursuing inorganic growth opportunities, and further investment in subsidiaries. The proposed capital raise is contingent on shareholder approval at the extraordinary general meeting scheduled for March 2, 2024, and compliance with SEBI Regulations. Gensol, operating in solar engineering, procurement, construction (EPC), electric vehicle leasing, and manufacturing, aims for a substantial fivefold growth over the next three years. The company has recently installed ground-mounted and rooftop solar power plants, boasting a combined capacity exceeding 600 MW. The firm's financial performance has been noteworthy, evident in its net profit of Rs 123.1 million (~$1.5 million) in the third quarter of 2023, marking a significant 78% year-over-year increase from a previous net loss of Rs 19 million (~$228,578). This positive trend is attributed to a surge in EPC orders received by Gensol. In October of the preceding year, Gensol secured a Rs 3.02 billion ($36.3 million) solar EPC contract for a 62 MW solar project from Maharashtra State Power Generation Company. Additionally, earlier this year, the company secured a Rs 1.39 billion (~$18.06 million) EPC contract from Sarda Energy for a 33 MW captive solar power project.

Next Story
Infrastructure Urban

Tambaram to Get Five Waste Transfer Stations Worth Rs 310 Million

The Directorate of Municipal Administration has approved the construction of five new waste transfer stations in Tambaram, Tamil Nadu, under the Swachh Bharat Mission (Urban) 2.0. These facilities, with a combined handling capacity of 500 tonnes per day (TPD), are intended to improve urban waste management in the rapidly expanding Tambaram Municipal Corporation (TCMC).Transfer stations temporarily store collected waste before it is transported to larger processing or dumping sites. Their implementation is expected to minimise indiscriminate dumping in public spaces and reduce the number of tri..

Next Story
Infrastructure Urban

Chandigarh Floats Rs 49.9 Million Tender for Road Repairs

The Chandigarh Municipal Corporation (MC) has issued a tender worth Rs 49.89 million for urgent road repairs ahead of the monsoon season. The tender aims to address potholes and damaged patches on roads under Road Division No. 1, following incidents of surface failures and cave-ins due to pre-monsoon rains.Last week, a 35-tonne truck sank into a caved-in road in Sector 43, raising concerns about road conditions across residential sectors and prompting the Corporation to act swiftly. The repair work, which includes pothole filling and resurfacing using ready-mix bituminous cold material, must b..

Next Story
Infrastructure Transport

Pune-Bengaluru Expressway Awaits Centre’s Final Nod

The Rs 500 billion Pune–Bengaluru Greenfield Expressway project is currently awaiting final clearance from the central government, despite both Maharashtra and Karnataka having approved and submitted the detailed project report (DPR) in February. The report was prepared by the National Highways Authority of India (NHAI). According to project supervisory officer Omkar Jagdale, land acquisition will begin only once the Centre gives its formal approval. Part of the Centre’s Bharatmala Pariyojana, the proposed 745-kilometre eight-lane expressway is designed to drastically reduce ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?