Gensol Engineering Limited, a leading solar engineering, procurement, and construction (EPC) company, has announced the acquisition of Scorpius Trackers Pvt Ltd., one of India’s largest providers of single-axis solar tracker solutions. This acquisition strengthens Gensol Engineering's position as a leading provider of end-to-end renewable energy solutions and is a part of its strategy to expand its portfolio by spreading wings across new geographies.
With the acquisition of Scorpius Trackers, Gensol, will be able to offer to its clients an end-to-end EPC solution that includes innovative solar tracking technology, thus, enabling its customer to reduce their levelized cost of energy.
Due to the strong synergies between the two businesses, it is estimated that the combined revenue of Gensol Solar division will reach INR 23bn in FY24.
With the acquisition of Scorpius Trackers, Gensol, will be able to offer to its clients an end-to-end EPC solution that includes innovative solar tracking technology, thus, enabling its customer to reduce their levelized cost of energy.
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Scorpius team brings with it 30 years of experience in delivering commercially successful products in image processing, machine vision, metallurgy, optics, 6-axis motion control, Internet of Things, embedded system design and multifarious software platform development. In order to cater to the dynamic needs of the IPPs and EPCs, Scorpius has developed its own patented tracker controller, software and innovative structure designs that will help deliver faster payback periods and result in higher overall returns on investment. It has a very strong R&D team and the technology has been approved by large utilities worldwide. With signed Letter Of Intents for 800 MW in hand, Scorpius is the only bankable tracker supplier from India with a track record of 600 MW capacity in operation across India, Japan, Africa and Middle East.
Due to the strong synergies between the two businesses, it is estimated that the combined revenue of Gensol Solar division will reach INR 23bn in FY24.
"We are thrilled to welcome Scorpius Trackers to the Gensol family. This acquisition is a significant step forward for us. By combining our expertise in solar EPC and Scorpius’s strong reputation and expertise in solar trackers, will help us offer a comprehensive EPC package. We see the global demand for trackers is growing faster than the overall demand for mounting systems as solar energy projects that use trackers generate significantly more ROI than projects that do not" said Mr. Anmol Singh Jaggi, MD Gensol Engineering.
According to Wood Mackenzie, the global tracker market is expected to be a $71 billion cumulative opportunity from 2020 to 2030, representing approximately 682 GW of solar installed over that time period.
"We are excited to join forces with Gensol and bring our innovative solar tracking solutions to even more clients globally," said Mr. Shailesh Vaidya, CEO of Scorpius Trackers.
"Together, we will be able to create leading positions in major markets for solar in India and outside."
Following the acquisition, Scorpius Trackers Pvt. Ltd. will operate as a wholly-owned subsidiary of Gensol Engineering Limited.
About Gensol Engineering:
Incorporated in 2012, Gensol Engineering Limited is a part of Gensol group of companies, which offers 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. Being a one-stop solution for a value chain of the solar industry, it provides advisory services to leading project developers, leading institutions, solar EPC companies, and government policymaker. Under EPC business, the company manages turnkey engineering, construction, and procurement contracts, internationally, with a team of 250+ engineers.
Collectively, Gensol has erected solar power plants of over 500 MW capacity on ground and rooftops so far. With international reach, it provides consulting services to Kenya, Ukraine, Oman, Gabon, Sierra Leone, Nepal, Afghanistan, Indonesia, Philippines, and Chad.
Cautionary statement concerning forward-looking statements.
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Gensol Engineering Ltd. will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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