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					</table><p>Waaree Renewables Technologies (<a href="https://waareertl.com/" target="_blank" rel="noopener">WRTL</a>), a subsidiary of <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, has secured an engineering, procurement, and construction (EPC) contract for a 2 GW solar project in Bikaner, Rajasthan, from Sunbreeze Renewable Nine, a special-purpose vehicle of <a href="https://www.jirel.com/" target="_blank" rel="noopener">Jindal Renewables</a>.</p>
<p>This is the largest-ever solar EPC contract bagged by Waaree.</p>
<p>The scope of work includes designing, engineering, procuring, supplying, constructing, testing, and commissioning the solar project.</p>
<p>WRTL will also ensure clean energy delivery to the designated point of injection.</p>
<p>Waaree Group has installed over 1000+ solar projects with a cumulative capacity of over 1.82 GW; another 1.7 GW of projects are under execution. The company has commissioned more than 178 rooftop solar projects totaling over 50 MW.</p>
<p>The company has developed about 40 MW of solar projects as an independent power producer. It also recently <a href="https://www.mercomindia.com/waaree-wins-rumsls-170-mw-solar-project-in-neemuch-solar-park" target="_blank" rel="noopener">won</a> Rewa Ultra Mega Solar’s (RUMSL) auction to develop a 170 MW solar power project at the Neemuch Solar Park in Madhya Pradesh, quoting a tariff of ₹2.15(~$0.025)/kWh.</p>
<p>WRTL is a subsidiary of Waaree Energies, which has a 12 GW solar module manufacturing capacity in India and a 1.6 GW facility in the U.S.</p>
<p>The company&#8217;s annual report disclosed that it aims to achieve net zero emissions by 2040 and source 100% of its energy requirements from renewables by 2030.</p>
<p>Recently, the company announced that it will <a href="https://www.mercomindia.com/waaree-energy-to-set-up-300-mw-electrolyzeser-and-3-5-gwh-lithium-ion-cell-manufacturing-projects-project" target="_blank" rel="noopener">set up</a> a 300 MW electrolyzer and a 3.5 GWh lithium-ion Advanced Chemistry Storage Cell manufacturing plant. Waaree Energy Storage Solutions, another Waaree Energies subsidiary, will set up the 3.5 GWh lithium-ion Advanced Chemistry Storage Cell manufacturing project.</p>
<p>Waree Energies <a href="https://www.mercomindia.com/leading-solar-module-suppliers-1h-2024" target="_blank" rel="noopener">emerged</a> as one of the top solar module suppliers in the first half of 2024, according to Mercom India’s Solar Market Leaderboard 1H 2024.</p>
<p>In December 2023, Waaree Energies <a href="https://www.mercomindia.com/waaree-build-5-gw-solar-module-manufacturing-us" target="_blank" rel="noopener">announced</a> plans to build a 5 GW integrated solar cell and manufacturing facility in Brookshire in the U.S. to produce 3 GW of solar modules annually by the end of 2024. Waree Energies plans to invest up to $ 1 billion over the next four years to scale the capacity to 5 GW by 2027.</p>



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					</table><p>Engineering and consulting firm <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> posted a net profit of ₹123.1 million (~$1.5 million) in the third quarter (Q3) of the financial year (FY) 2024, an increase of 748% year-over-year (YoY) from a net loss of ₹19 million (~$228,578).</p>
<p>The increase in net profit could be attributed to the increase in solar engineering, procurement, and commissioning (EPC) orders the company received during the period.</p>
<p>The company’s total revenue stood at ₹2.27 billion (~$27.3 million), a growth of 335% YoY from ₹522 million (~$6.3 million). The revenue from the EPC segment contributed ₹1.7 billion (~$20.4 million), a YoY increase of 386%.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-62598" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24.png" alt="Gensol Q3 FY24" width="600" height="340" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24-300x170.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24-650x368.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24-624x353.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Gensol-Q3-FY24-600x340.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>The Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 312% YoY to ₹700 million (~$8.4 million) from ₹170 million (~$2 million).</p>
<p>Gensol has an order book valued at over ₹10 billion (~$120.2 million) as of December 2023.</p>
<p><strong>9M FY 2024</strong></p>
<p>Gensol posted a net profit of ₹337 million (~$4.05 million) in the first nine months (9M) of FY 2024, an increase of 111% YoY from ₹160 million (~$1.9 million).</p>
<p>The company’s total revenue stood at ₹5.84 billion (~$ 70.2 million), a growth of 147% YoY from ₹2.36 billion (~$28.4 million). The revenue from the solar EPC segment brought in ₹4.53 billion (~$54.5 million), a YoY increase of 121% YoY.</p>
<p>The EBITDA grew by 238% YoY to ₹1.69 billion (~$20.3 million) from ₹500 million (~$6 million).</p>
<p>The company also received approval for a ₹5.13 billion (~$61.72 million) loan from the Indian Renewable Energy Development Agency for EV Lease business to finance 3,800 electric vehicles.</p>
<p>Gensol Engineering recently <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 for a 33 MW captive solar power project from Sarda Energy and Minerals, a steel and ferro alloys manufacturer, to meet the power requirements for its Kharora plant in Chhattisgarh.</p>
<p>Earlier, the company <a href="https://www.mercomindia.com/gensol-epc-contract-green-hydrogen/" target="_blank" rel="noopener">won</a> an EPC contract from NHPC to set up a pilot project for a green hydrogen-based mobility station in Kargil, Ladakh.</p>
<p>In October, Gensol Engineering <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) contract from Maharashtra State Power Generation Company to construct a 62 MW grid-connected solar project. Gensol will undertake the EPC of the project.</p>


Gensol Engineering’s Net Profit Surges Eight Fold to ₹120 Million in Q3 FY24


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					</table><p>Rail Vikas Nigam (<a href="https://rvnl.org/home" target="_blank" rel="noopener">RVNL</a>) and <a href="https://www.jakson.com/green-energy/" target="_blank" rel="noopener">Jakson Green</a>, the renewable energy arm of the Jakson Group, have announced the formation of a joint venture (JV) to explore solar power project opportunities in India and abroad.</p>
<p>Under the agreement, Jakson Green will own the majority 51% stake in the newly formed company and RVNL the remaining 49%.</p>
<p>The company signed a memorandum of understanding in March 2023, indicating its intention to form the JV to execute clean energy engineering, procurement, and construction (EPC) projects globally.</p>
<p>The partnership is expected to bring synergy in designing, executing, and delivering EPC projects globally. The JV will cater to giga-scale EPC clean energy energy projects in the Middle East and North Africa, the Commonwealth of Independent States, and Asia Pacific countries.</p>
<p>Jakson Green claims to have executed over 4 GW of solar EPC contracts and over 1.3 GW of solar operation and maintenance contracts to date.</p>
<p>As the infrastructure and project executing arm of Indian Railways, RVNL oversees the entire infrastructure project cycle from inception to commissioning. It manages the implementation of projects relating to the creation and augmentation of capacities of rail infrastructure on fast track basis and the raising of extra-budgetary resources for special-purpose vehicle projects.</p>
<p>Recently, in May 2023, the company was granted Navratna status, giving it enhanced delegation powers, operation, and financial autonomy.</p>
<p>The company aims to implement green energy projects across its subsidiaries in India and abroad.</p>
<p>The new JV aligns with the Indian Railways’ vision to <a href="https://www.mercomindia.com/wrap-up-indian-railways-net-zero-carbon-emissions-2030" target="_blank" rel="noopener">achieve</a> net zero carbon emissions by 2030.</p>
<p>The projected energy demand of the Indian Railways is expected to reach 8.2 GW by 2029-30. Achieving the net zero carbon emission goal would require about 30 GW of renewable energy capacity by that time.</p>
<p>According to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a>, the Indian Railways has floated 266.61 MW of solar project tenders to date.</p>
<p>Earlier in January 2024, RVNL executed a memorandum of understanding with REC Limited to finance up to ₹350 billion (~$4.21 billion) for Infrastructure Projects to be executed by RVNL over the next five years.</p>
<p>In August 2022, Mercom <a href="https://www.mercomindia.com/solar-helped-southern-railway-save-%e2%82%b920-million" target="_blank" rel="noopener">reported</a> on how Southern Railway saved ₹20 million (~$240,532) annually on its power bills by opting for solar energy.</p>


Rail Vikas Nigam, Jakson Green Form JV to Execute Solar EPC Projects Overseas

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