Gensol Engineering, a solar energy consultancy and EPC solutions provider, has acquired 100% of the equity in three newly incorporated companies to expand its renewable energy business.

The company acquired 10,000 equity shares each of Shakti Sangini Energy, Innogrid Energy, and Hari Shakti Energy by investing ₹100,000 (~$1,189.45) each.

After the transaction, the companies will become wholly owned subsidiary companies of Gensol Engineering, the company said in a BSE filing.

Gensol plans to expand its renewable energy business by acquiring the three  companies. These subsidiaries will carry out the business of the generation and distribution of energy using wind and solar sources, and battery storage.

Gensol specializes in solar power engineering, procurement, and construction services. It has executed over 770 MW of diverse solar projects, including rooftop, ground-mount, and floating solar installations across India.

The company announced in April that it had recorded its highest-ever revenue of ₹9.60 billion (~$114.17 million) in the financial year 2024, with a growth of 141% year over year.

Gensol recently partnered with Matrix Gas & Renewables to develop a green steel production facility using 100% green hydrogen and employing direct reduced iron vertical shaft technology to convert iron ore to sponge iron. The project’s capital expenditure is estimated at ₹3.21 billion (~$38.18 million), with the Indian government providing 50% CAPEX incentives.

Earlier this month, the company secured a $22.21 million contract to install 23 MW of rooftop solar systems in Dubai. This contract was awarded by a sustainable development and clean energy firm in the United Arab Emirates. The project will be executed over 20 months and entails designing, constructing, operating, and maintaining rooftop solar systems for an aviation company’s engineering facilities.

In September, a consortium of Gensol Engineering and Matrix Gas & Renewables was  selected to set up India’s first Green Hydrogen Valley in Pune, Maharashtra, on a build-and-operate basis.