Gensol Engineering added 2.06% to Rs 843.65 after the company received a contract from UAE's leading sustainable and clean energy development company for constructing rooftop solar photovoltaic (PV) systems for aviation company in Dubai.
The turnkey project involves the design, procurement of materials, construction, testing, commissioning, and long-term operation and maintenance of the rooftop solar photovoltaic (PV) systems.The project has a total installed capacity of 23,178 kWp (23 MWp) and it underscores the companys commitment to driving sustainability in the Middle East by contributing to the regions transition to cleaner energy sources.
The said contract is valued at AED 81.6 million (approximately Rs 186 crore) plus taxes and is set to be executed over a 20-month period.
Kapil K Nirmal, CEO of Solar EPC (MENA), Gensol Engineering, said, "We are thrilled to partner with UAEs leading sustainable development and clean energy development company on this landmark project, which reflects our ongoing commitment to delivering innovative and efficient solar EPC solutions in this region. This project further strengthens our presence in the Middle East and aligns with Dubai's vision of becoming a global leader in clean energy by 2050."
Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.
The company's consolidated net profit doubled to Rs 20.48 crore in the quarter ended June 2024 as against Rs 10.24 crore during the previous quarter ended June 2023. Sales rose 104.11% to Rs 295.15 crore in Q1 FY25 over Q1 FY24.
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