Gensol Engineering was locked in 5% upper circuit at Rs 800.10 after the company has successfully completed 160 megawatt (MW) ground-mounted solar projects for Continuum Green Energy in Bhavnagar, Gujarat.
The said project is valued at Rs 128 crore.Gensol has a distinguished track record of over 600 megawatt (MW) in diverse solar projects, including rooftop, ground-mounted, and floating installations across India. These projects have been completed for a wide range of clients, including commercial, industrial, and public sector units, under both turnkey and balance-of-system arrangements. The Continuum Green Energy 160 MW installation marks the firms sixth major ground-mount project, alongside ground-mount solar projects in the states of Karnataka, Haryana, Gujarat, and Jharkhand, it added.
The Bhavnagar project underscores the companys full-service capabilities in the development, operation, and management of large-scale solar projects. Located in Gujarat, this project represents a significant step forward in the region's sustainable development and showcases the transformative impact of solar energy.
With partnerships spanning over 400 clients nationwide and an EPC order book exceeding 1,000 crore, it continues to play a pivotal role in shaping the renewable energy landscape in India, driving the nation towards a more sustainable and energy-secure future, the company stated in press release.
Commenting on the project completion, Ali Imran Naqvi, CEO of Gensol Engineering (EPC Business) said, "The successful completion of the 160 MW ground-mounted solar project for Continuum Green Energy is a testament to Gensol's exceptional capabilities in the renewable energy sector. Our ability to execute complex projects seamlessly showcases our unwavering commitment to enhancing India's clean energy landscape. We pride ourselves on delivering engineering excellence and innovative solutions that pave the way towards a sustainable and decarbonised future."
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 reported a consolidated net profit of Rs 13.12 crore in Q3 FY24 as against a net loss of Rs 1.90 crore. Revenue from operations stood at Rs 220.25 crore in Q3 FY24, steeply higher from Rs 50.79 crore in Q3 FY23.
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