Gensol Engineering secures $108 mn in equity funding

08 Feb 2024 CW Team

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.

Infrastructure Energy

14 Oct 2025

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..