Solar engineering and consulting firm Gensol Engineering raised ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis.

The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund.

“We continue to build on our successful financial performance through the latest fundraise. This capital infusion strengthens Gensol’s financial position, facilitating new possibilities with funds being deployed for working capital, inorganic growth opportunities, and further investment in our subsidiaries. Our priority remains delivering value to shareholders and customers while solidifying our commitment to playing a key role in India’s transition to green energy and clean mobility,” said Anmol Singh Jaggi, chairperson, and managing director at Gensol.

This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024, and statutory approvals in compliance with SEBI Regulations.

The company, which has a presence in solar engineering, procurement, and construction (EPC), electric vehicle leasing, and manufacturing, is aiming to achieve a fivefold growth in the next three years.

In the recent past, the company has also installed ground-mounted and rooftop solar power plants with a combined capacity exceeding 600 MW.

Gensol posted a net profit of ₹123.1 million (~$1.5 million) in the third quarter of 2023, recording a 78% year-over-year increase from a net loss of ₹19 million  (~$228,578). This increase was attributed to the uptick in EPC orders that the company received.

Last October, the company secured a ₹3.02 billion ($36.3 million) solar EPC contract for a 62 MW solar project from Maharashtra State Power Generation Company.

Earlier this year, Gensol also secured an EPC contract worth ₹1.39 billion (~$18.06 million) from Sarda Energy for a 33 MW captive solar power project.