Gensol Engineering Limited ("The Company") has, in the month of March 2023, fully acquired Scorpius Trackers Pvt Ltd, which is a solar trackers-specialist in India. Piquantly, 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.
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.
Keeping in mind that research and development (R&D) spurs innovation, invention, and progress, Scorpius has a very strong R&D team and the technology has been approved by large utilities worldwide. Importantly, 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. Currently, it has signed Letter Of Intents for 800 MW in hand.
Due to the strong synergies between the two businesses, it is estimated that the combined revenue of Gensol Solar division will reach ₹23 bn 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.
Shares of Gensol Engineering Ltd was last trading in BSE at Rs. 904.60 as compared to the previous close of Rs. 865.40. The total number of shares traded during the day was 84056 in over 251 trades.
The stock hit an intraday high of Rs. 908.65 and intraday low of 851.00. The net turnover during the day was Rs. 72964028.00.