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					</table><p>Solar engineering and consulting firm <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> raised ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis.</p>
<p>The equity funding saw participation from international and domestic participants, including the <a href="https://elaracapital.com/" target="_blank" rel="noopener">Elara India Opportunity Fund</a>, <a href="https://ariescapitalpartners.com/" target="_blank" rel="noopener">Aries Opportunities Fund</a><u>,</u> and Tano Investment Opportunities Fund.</p>
<p>“We continue to build on our successful financial performance through the latest fundraise. This capital infusion strengthens Gensol&#8217;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.</p>
<p>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.</p>
<p>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.</p>
<p>In the recent past, the company has also installed ground-mounted and rooftop solar power plants with a combined capacity exceeding 600 MW.</p>
<p>Gensol <a href="https://www.mercomindia.com/gensol-profit-surges-eight-fold-q3-fy24" target="_blank" rel="noopener">posted</a> 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.</p>
<p>Last October, the company <a href="https://www.mercomindia.com/gensol-secures-epc-contract-in-maharashtra" target="_blank" rel="noopener">secured</a> a ₹3.02 billion ($36.3 million) solar EPC contract for a 62 MW solar project from Maharashtra State Power Generation Company.</p>
<p>Earlier this year, Gensol also <a href="https://www.mercomindia.com/gensol-%E2%82%B91-39-billion-solar-epc-contract-sarda" target="_blank" rel="noopener">secured</a> an EPC contract worth ₹1.39 billion (~$18.06 million) from Sarda Energy for a 33 MW captive solar power project.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Solar EPC Firm Gensol Raises ₹9 Billion in Equity Capital


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					</table><p>Engineering and consulting firm <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> has been awarded the engineering, procurement, and construction (EPC) contract by the Damodar Valley Corporation (<a href="https://www.dvc.gov.in/" target="_blank" rel="noopener">DVC</a>) for an 8 MW ground-mounted solar power project in Panchet town of Dhanbad district in Jharkhand.</p>
<p>The company will also oversee the project’s operation and maintenance for five years.</p>
<p>Gensol won the project by quoting ₹476 million (~$5.76 million) in the e-reverse auction.</p>
<p>The company must now submit a performance security amount equivalent to 5%-10% of the contract value.</p>
<p>In addition to the performance security, retention money equivalent to 5% of each running bill will be withheld by DVC until final acceptance to ensure the completion of the project.</p>
<p>Gensol must commission the project within nine months of receiving the letter of award.</p>
<p>DVC had <a href="https://www.mercomindia.com/damodar-valley-corp-8-mw-solar-project-jharkhand" target="_blank" rel="noopener">floated</a> the tender for the project in February 2023, outlining the mandate of using monocrystalline solar photovoltaic technology with a fixed tilt configuration.</p>
<p>Gensol will be responsible for supplying solar modules, mounting structures, string combiner boxes, power conditioning units, inverters, and all the necessary equipment required to construct a 33 kV bay at the existing 132/33 kV Panchet Hydel Station switchyard.</p>
<p>It must also ensure that vendors provide a guarantee for the materials and equipment for 18 months from the date of delivery or 12 months from the date of commissioning, whichever is earlier.</p>
<p>It had been specified that the modules used in the project must be warranted with a linear degradation rate of power output except for the first year and guarantee a minimum of 80% of the initial rated power output at the end of 25 years from the date of successful commercial operation.</p>
<p>The project will be Gensol’s second ground-mount project and, overall, third for DVC. Gensol had commissioned a 10 MW ground-mount solar power project in Koderma, Jharkhand, and a 30 MW floating solar power project at multiple locations in Jharkhand and West Bengal.</p>
<p>In June 2023, Gujarat-based Param Renewable Energy, the operation and maintenance (O&amp;M) arm of Gensol, was <a href="https://www.mercomindia.com/param-renewable-wins-indian-oils-auction-5-mw-solar-project" target="_blank" rel="noopener">awarded</a> a contract by the Indian Oil Corporation for the O&amp;M of a 5 MW solar power project located at IOCL’s Rawra facility in the Jodhpur district of Rajasthan for three years.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender and auction activity.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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Gensol Wins EPC Contract for Damodar Valley Corporation’s 8 MW Solar Project


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					</table><p><a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">Gensol Engineering</a> announced that it has won the auction to develop 30 MW floating solar projects by quoting ₹2.32 billion (~$28.64 million).</p>
<p>The projects will be spread over three thermal power stations in Jharkhand and West Bengal.</p>
<p>The tender was <a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">issued</a> by the Solar Energy Corporation of India (SECI) in June this year for developing projects at Damodar Valley Corporation’s thermal power stations located in Koderma (6 MW), Mejia (14 MW), and Raghunathpur (10 MW).</p>
<p>The scope of work includes designing, engineering, and commissioning these projects and comprehensive operation and maintenance services for ten years.</p>
<p>The floating solar projects must be commissioned within 12 months, and the solar modules and cells used for the project must be supplied through ‘Class I local suppliers’ only.</p>
<p>A Class-I local supplier must have 50%, or above local content in goods, services, or works offered for procurement.</p>
<p>The cells and modules used for the projects must be sourced only from the models and manufacturers included in the List-I of the Approved List of Modules and Manufacturers order issued by the Ministry of New and Renewable Energy.</p>
<p>The tender comes at a time when the government is trying to resolve the intermittent nature of renewable while also cutting down on coal dependency.</p>
<p>The Ministry of Power had recently <a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">proposed</a> that any coal-based thermal generation station coming up after April 1, 2024, must either install or procure renewable energy equivalent to 25% of the thermal generation capacity.</p>
<p>The proposal was in line with the government’s goal to operationalize a provision in the Tariff Policy, 2016, which says that the renewable energy produced by each generator could be sold after bundling it with thermal energy.</p>
<p>Gensol Engineering <a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">announced</a> that as of September 18, 2022, it had closed orders for the development of over 121 MW aggregate capacity of solar power projects worth over ₹5.31 billion (~$66.61 million).</p>
<p>The company is also expanding its business scope to electric vehicle manufacturing and recently <a href="https://mercomindia.com/gensol-acquire-majority-stake-in-us-based-ev/" target="_blank" rel="noopener">announced</a> the acquisition of a majority stake in a U.S.-based EV manufacturing startup.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real-time.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
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Gensol Wins SECI’s EPC Auction for 30 MW Floating Solar Projects

<p>The Central Electronics Limited (<a href="http://www.celindia.co.in/drupal7/" target="_blank" rel="noopener noreferrer">CEL</a>) has announced the auction results for its 44 MW solar tender.</p>
<p>In December last year, CEL had <a href="https://mercomindia.com/cel-invites-bids-solar-systems-maharashtra/" target="_blank" rel="noopener noreferrer">invited</a> bids to install solar-based small projects with capacities ranging between 0.25 MW to 10 MW on the open, unused lands in the premises of existing substations of Maharashtra State Electricity Distribution Company Limited (<a href="https://www.mahadiscom.in/" target="_blank" rel="noopener noreferrer">MSEDCL</a>).</p>
<p>The project would be developed in two parts. Part I will consist of site surveys, submission of drawings for approval, minutes of the meet, and project design document. Part II will comprise the implementation of small solar power projects with an operation and maintenance (O&amp;M) period of 10 years.</p>
<p>The winners of the auction are Gensol Engineering Private Limited, Kor Energy India Private Limited, Purshotam Profiles Private Limited, Mitcon Consultancy and Engineering Services Limited, and Kalpa Power Private Limited.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2020/02/CEL-44-MW-Solar-Power-Generation-Systems-BOS-Tender.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-17768" src="https://mercomindia.com/wp-content/uploads/2020/02/CEL-44-MW-Solar-Power-Generation-Systems-BOS-Tender.png" alt="CEL - 44 MW Solar Power Generation Systems (BOS) Tender" width="518" height="228" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/02/CEL-44-MW-Solar-Power-Generation-Systems-BOS-Tender.png 518w, https://cms.mercomindia.com/wp-content/uploads/2020/02/CEL-44-MW-Solar-Power-Generation-Systems-BOS-Tender-300x132.png 300w" sizes="(max-width: 518px) 100vw, 518px" /></a></p>
<p>Gensol Engineering Private Limited won a capacity of 13.2 MW. Kor Energy Private Limited won a capacity of 11 MW, whereas Purshotam Profiles Private Limited won a capacity of 8.8 MW. Mitcon Consultancy and Engineering Services Limited won 6.6 MW, and Kalpa Power Private Limited won a capacity of 4.4 MW. All the five companies had bid for 44 MW at different tariff rates, in which Gensol had quoted the lowest price of ₹15.1 (~$0.211)/W. After the lowest tariff of ₹15.1 (~$0.211)/W quoted by Gensol, CEL asked the companies to go with the tariff rate of ₹15.05 ($0.210)/W.</p>
<p>The scope of work includes the supply of balance of system, including module mounting structures and any other items required for the installation of the solar PV projects. CEL will supply 310Wp of solar PV modules at the designated project sites.</p>
<p>Recently, the government of India <a href="https://mercomindia.com/government-owned-solar-cell-module-manufacturer-cel-up-for-sale/" target="_blank" rel="noopener noreferrer">invited</a> an expression of interest for the proposed disinvestment of 100% shareholding in Central Electronics Limited. The last date for the submission of interest is March 16, 2020.</p>
<p>A few months ago, CEL had <a href="https://mercomindia.com/cel-tender-multicrystalline-solar-modules-maharashtra/" target="_blank" rel="noopener noreferrer">floated</a> a tender for 5 MW of multi-crystalline solar modules for several substations in Maharashtra.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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