Introduction:
Gensol Engineering’s inventory charge surged through 6.Forty three%, closing at Rs 759.25, after the organisation announced it had secured a giant EPC (Engineering, Procurement, and Construction) settlement worth approximately Rs 897.47 crore from NTPC Renewable Energy Limited (NTPC REL). This prestigious order is for the development of a 225 MW Solar Photovoltaic (PV) undertaking at the GSECL Solar Park, placed inside the Khavda place of Gujarat, part of the Rann of Kutch.
The solar project, which will be developed in the GSECL Solar Park (Stage-III), will include a 225 MW-AC grid-connected Solar PV installation, equivalent to 276 MW-DC, a considerable capacity that highlights Gensol’s growing footprint in India’s renewable energy sector.
The contract value encompasses both the construction and operation of the project, along with a three-year Operations and Maintenance (O&M) agreement.
Shilpa Urhekar, CEO of Solar EPC at Gensol Engineering, expressed enthusiasm about the contract win, emphasizing the company’s expertise in managing large-scale solar projects. Urhekar stated, “This collaboration demonstrates the belief in Gensol’s leadership in project management proficiency and renewable expertise.
Recognizing customer needs, excellent execution, and O&M capabilities with world-class technology are what set us apart from other EPC players.
Gensol Engineering Wins Rs 897-Crore Solar EPC Contract from NTPC Renewable Energy:
The award of this contract marks a pivotal moment for both Gensol Engineering and NTPC Renewable Energy, aligning with the Indian government’s ambitious goals to scale up renewable energy infrastructure to meet its growing energy demands. This project is expected to play a crucial role in enhancing India’s clean energy capacity, contributing to the nation’s sustainability objectives.
This order follows a period of impressive financial performance for Gensol Engineering. For the second quarter of FY25, the company reported a remarkable 60.5% growth in net profit, reaching Rs 29.38 crore compared to Rs 18.30 crore in the same period last year.
Revenue also rose by 13.8% YoY, reaching Rs 346.49 crore in Q2 FY25, reflecting robust demand for its services in the solar energy sector.
Conclusion:
With this significant contract win, Gensol Engineering reinforces its leadership in the renewable energy EPC space, positioning itself as a key player in India’s solar energy push.
FAQ:
1. What is the value of the contract awarded to Gensol Engineering by NTPC Renewable Energy?
The contract awarded to Gensol Engineering is worth approximately Rs 897.47 crore. This is for the development of a 225 MW Solar PV project at the GSECL Solar Park in Gujarat.
2. What does the contract involve?
The contract involves the Engineering, Procurement, and Construction (EPC) of a 225 MW-AC grid-connected solar photovoltaic (PV) project. The project will be located in the GSECL Solar Park (Stage-III) in Khavda, Gujarat, part of the Rann of Kutch. The contract also includes a three-year Operations and Maintenance (O&M) agreement.
3. What is the significance of this order?
This contract marks a significant milestone for Gensol Engineering as it reinforces its leadership in the renewable energy sector. The project supports India’s growing need for clean and sustainable energy, aligning with the government’s vision of expanding renewable energy infrastructure to meet energy demands.
4. How will this project contribute to India’s renewable energy goals?
The 225 MW Solar PV project is a critical step in advancing India’s renewable energy capacity. With increasing demand for clean energy, this project will help reduce carbon emissions and support India’s commitment to achieving its renewable energy targets in the coming years.
5. Who is Gensol Engineering, and what services do they offer?
Gensol Engineering is a leading provider of end-to-end EPC and solar advisory services. The company specializes in technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects both within India and internationally.
6. How has Gensol Engineering performed financially?
Gensol Engineering has shown impressive financial growth. In Q2 FY25, the company’s net profit surged 60.5% year-on-year, reaching Rs 29.38 crore, up from Rs 18.30 crore in Q2 FY24. Revenue also rose by 13.8% YoY to Rs 346.49 crore in Q2 FY25.
7. What makes Gensol Engineering stand out in the solar EPC sector?
Gensol Engineering stands out for its extensive experience and expertise in managing large-scale solar projects. The company’s ability to deliver excellent project execution, use of world-class technology, and strong focus on customer needs and operations make it a leader in the solar EPC sector.
8. How does this contract impact Gensol’s future growth?
This significant contract strengthens Gensol Engineering’s position in the renewable energy space and opens doors for further opportunities. With India’s focus on renewable energy expansion, Gensol is well-positioned to capitalize on upcoming projects and contribute to the country’s sustainability goals.
9. When was the contract signed, and what is the timeline for the project?
The contract between NTPC Renewable Energy and Gensol Engineering was formally executed last week. The project is expected to be completed in stages, with the total development of the 225 MW solar capacity taking place within the stipulated timeline for successful implementation.
10. How will the solar project benefit the local community in Gujarat?
The solar project will contribute to the local community by generating clean energy and potentially creating employment opportunities during construction and operation phases. It will also play a role in reducing the region’s reliance on non-renewable energy sources, supporting sustainability efforts in the area.
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