Gensol Engineering, a part of solar engineering, procurement, and construction (EPC) company Gensol Group, has acquired India-based solar tracker manufacturer Scorpius Trackers for ₹1.35 billion ($16.4 million).

Gensol said the acquisition will enable the company to provide end-to-end engineering and construction solutions to its customers. The solar tracking technology will further help Gensol’s customers reduce their levelized cost of energy.

The acquisition will also bolster the company’s plans to expand its clean portfolio in India and overseas.

Scorpius Trackers has developed and owns patented tracker controller, software, and structure designs that the company claims would help deliver faster payback periods and result in higher overall returns on investment.

The India-based company has agreed to supply 800 MW of trackers, while it has delivered trackers of 600 MW capacity across India, Japan, Africa and Middle East so far.

Managing Director of Gensol Engineering Anmol Singh Jaggi said, “The combining of our expertise in solar EPC and Scorpius’s strong reputation and expertise in solar trackers, will help us offer a comprehensive EPC package. We see the global demand for trackers is growing faster than the overall demand for mounting systems as solar energy projects that use trackers generate significantly more ROI than projects that do not.”

CEO of Scorpius Trackers Shailesh Vaidya said, “We are excited to join forces with Gensol and bring our innovative solar tracking solutions to even more clients globally. Together, we will be able to create leading positions in major markets for solar in India and outside.”

According to Wood Mackenzie, the global tracker market is expected to be a $71 billion cumulative opportunity from 2020 to 2030, representing approximately 682 GW of solar installed over that time period.

In December 2022, Gensol Engineering was declared the winner in the auction held by the Solar Energy Corporation of India to develop 30 MW floating solar projects. It won the auction by quoting a price of ₹2.3 billion (~$28.6 million).

Last year, Gensol signed a term sheet to acquire a majority stake in a U.S.-based electric vehicle manufacturing startup. The company said that the domestically produced ‘Make in India’ vehicles under the deal would deliver a cruising range of around 200 km per charge and can be fully charged in just 2 hours. Through the deal, the company said it foresees growth in revenue by ₹5-₹6 billion (~$63-~$75 million).