Steel Giant SEML Goes Solar with Gensol's 139 Crore Project

Gensol Engineering has secured a contract from Sarda Energy & Minerals (SEML), a prominent steel and ferro alloy producer, for the development of a 33 MW AC solar power project in Chhattisgarh. The contract, valued at over Rs 138.72 crore, is slated for completion within a six-month timeframe.

The Ahmedabad-based company is set to handle the entire spectrum of activities, encompassing design, engineering, procurement, and construction (EPC), as well as the commissioning of the solar power facility. The project aims to supply power to SEML’s Kharora plant in the state.

This venture marks Gensol's entry into the state, further solidifying its foothold in the renewable energy landscape of the region. With an overall market capitalization of Rs 3,200 crore, Gensol Engineering recently greenlit a fundraise amounting to Rs 300 crore.

As a subsidiary of the Gensol group, Gensol Engineering boasts a track record of installing ground-mounted and rooftop solar power plants with a combined capacity exceeding 600 MW. In a strategic move, the company has diversified its operations by establishing an advanced electric vehicle (EV) manufacturing facility in Pune, dedicated to the production of electric three-wheelers and four-wheelers.

In other noteworthy developments within the renewable energy sector, Torrent Power has inked MoUs with the Gujarat government for RE projects worth Rs 47,350 crore, while Indian Railways has significantly expanded its RE capacity with the commissioning of solar and wind power plants. Additionally, L&T Construction has secured an EPC contract for the setup of power utilities systems, and Adani Green Energy has entered into a power purchase agreement (PPA) with SECI for 1,799 MW of solar power. The Adani Group has also committed to infusing Rs 9,350 crore into its green energy arm to achieve a substantial 45 GW target.

News by Rahul Yelligetti