Gensol Engineering Limited: Spearheading Renewable Energy Solutions
An Unflinching Commitment to Excellence and Sustainability
In the ever-evolving landscape of renewable energy, Gensol Engineering Limited has emerged as a prominent player, revolutionizing the industry with its unwavering faith in the power of renewable resources.
Gensol, the world’s leading solar solutions provider, has been revolutionizing the renewable energy and electric mobility sector since its inception in 2012. With an experienced team of management and engineers, Gensol offers integrated engineering procurement and commissioning services across the solar value chain in India.
Led by a dynamic team of key officials, the company has garnered accolades for its exemplary track record and commitment to delivering high-quality solutions.
In this exclusive CEO Review Magazine editorial, we delve into the background of Gensol and shed light on the driving factors behind its success.
Background and Services:
Gensol Engineering Limited, founded in 2012, is a member of the Gensol group of companies. It specializes in providing engineering, procurement, and construction (EPC) services for the development of solar power plants. With a dedicated team of over 180 engineers, the company has excelled in handling turnkey projects on a global scale. Throughout its existence, Gensol has successfully installed both ground-mounted and rooftop solar power plants, totaling a capacity exceeding 550 MW. In addition to its solar ventures, Gensol has expanded its operations by establishing a state-of-the-art electric vehicle (EV) manufacturing facility in Pune, India.
The facility is dedicated to producing and developing electric three-wheelers and four-wheelers. With a strong emphasis on sustainability, innovation, and customer satisfaction, Gensol is creating solutions across various customer segments, including passenger vehicles, fleet vehicles, and cargo vehicles. The company is committed to revolutionizing the EV industry in India.
Alongside its manufacturing endeavors, Gensol also offers comprehensive EV leasing solutions and serves leading ride-hailing companies with its buy-and-lease packages for EV cars.
“India’s energy system is at an inflection point and its renewed push for clean energy rightly tackles the climate externality which has been pleading attention for a long time. India’s potential as a clean-energy superpower cannot be negated; to get there, though, India needs hundreds of billions of dollars of investment and some serious participation by private players. Pertinently, Gensolharborsan unflagging commitment to be an important part of this paradigm shift. Intriguingly, developing, designing, planning, constructing, and commissioning solar PV power projects is our karma, our passion, and our daily business. We are a microcosm of young thinkers, engineers, and leaders committed to assisting the world in ambitious reform that is driven by both a climate crisis and humongous opportunity for growth”, speaks Mr. Ali Imran Naqvi, CEO of Gensol Engineering Limited.
India’s Solar Expansion and Gensol’s Ambitions:
With India’s solar installations reaching 67 GW and the country’s ambitious plans for energy transition, Gensol aims to seize the expansion opportunities ahead. India will require at least 190 GW of solar installations and investments worth around $500bn in the coming years. Gensol is well-positioned to contribute to this growth, expecting to generate substantial revenue from its solar business in the upcoming fiscal year. Furthermore, the company’s foray into EV manufacturing has the potential to generate significant income, aligning with India’s broader renewable energy goals and positioning Gensol for a successful future in the industry.
Key Officials and Leadership:
At the helm of Gensol Engineering Limited is a team of distinguished individuals who bring invaluable expertise and vision to the company. The key officials include:
Mr. Anmol Singh Jaggi – Chairman and Managing Director
Mr. Puneet Singh Jaggi – Whole Time Director
Mr. Ali Imran Naqvi – Chief Executive Officer
Their collective leadership and strategic direction have been instrumental in guiding Gensol’s success story.
The Transformative Power of Personal Growth:
One of the pivotal factors driving Gensol’s success is its recognition of the significance of personal development. Understanding that personal growth is the key to unlocking success in all aspects of life, Gensol emphasizes the continuous improvement of its team members. They firmly believe that the level of success achieved is directly proportional to the level of personal development attained. By prioritizing personal growth and dedicating time to self-improvement, Gensol fosters a workforce that thrives in health, happiness, finances, relationships, career, and spirituality. Gensol is strongly inclined to believe that in businesses empowerment with compassion is the key to success, as it brings out the best versions of individuals both personally and professionally. Gensol cherishes its leaders to become individuals who are a blend of extreme personal humility and intense professional will while thinking beyond themselves and for the institution. This approach not only benefits their employees but also enables Gensol to provide exceptional services and solutions to their clients.
Acquisition and Diversification:
Gensol Engineering Ltd expanded its capabilities by acquiring Pune-based solar tracker specialist, Scorpius Trackers. This strategic move enables Gensol to offer end-to-end EPC solutions, incorporating cutting-edge solar tracking technology. By diversifying its offerings, Gensolenhances its competitive advantage and provides clients with comprehensive and technologically advanced solutions.
The purchase will enhance Gensol Engineering’s position as a prominent supplier of completely renewable energy solutions, as they aim to broaden their range of services in different locations. With the acquisition of Scorpius Trackers, Gensol will now have the capability to provide clients with a comprehensive engineering, procurement, and construction (EPC) solution, incorporating advanced solar tracking technology. This advancement will empower customers to decrease their overall energy costs.
Scorpius has created its own exclusive tracker controller, software, and unique structure designs to meet the changing needs of independent power producers (IPPs) and engineering, procurement, and construction (EPC) companies. This development will enable quicker payback periods and generate higher returns on investment.
Scorpius has secured a signed letter of intent for a total of 800 MW. They are the only tracker supplier from India with a proven track record of 600 MW capacity across various regions including India, Japan, Africa, and the Middle East. The strong synergies between the two businesses indicate that Gensol’s Solar division is expected to achieve a combined revenue of ₹2,300 crores in the fiscal year 2024.
Venturing into Electric Vehicles:
Gensol’s EV leasing vertical facilitates leasing solutions to accelerate the adoption of electric vehicles in India and improve EV accessibility for both businesses and individuals.
Importantly, EV financing is the most debilitating factor retarding the widespread EV adoption in India. The lack of accessible and affordable financing options, limited dedicated EV financing products, high-interest rates, and stringent eligibility criteria have deterred potential buyers. Addressing this challenge, the EV leasing solution offers a promising way to overcome the barriers to EV adoption. EV leasing will be a viable financing alternative and will help make sustainable transportation more attainable for all.
In the last three years, Gensol has leased over 4000 EVs to leading players and plans to lease 10000 EV cars in FY24. Piquantly, the EV leasing business will be the front runner in providing leasing solutions to the customers of the Gensol EV manufacturing business and the Company will greatly benefit from the synergies between the manufacturing & leasing business.
Notable Financial Performance:
Gensol’s impressive financial results for FY 2023 reflect the company’s dedication to delivering outstanding results. The substantial revenue growth of 145% showcases Gensol’s ability to secure and execute renewable energy projects successfully. With a net profit of INR 249 million, Gensol has demonstrated its efficiency in managing costs and maximizing profitability.
Strategic Expansion and Remarkable Project Victories:
In FY 2023, Gensol Engineering Ltd secured several noteworthy projects, solidifying its position as a reliable and preferred EPC partner. The company won the bid to develop 30 MWac floating solar projects valued at INR 232.49 crore. Additionally, Gensol received a purchase order for the development of solar power projects with a total capacity of over 247 MWp, including a significant order for 180 MWp ground-mount projects in Gujarat from a large independent power producer (IPP). These achievements further strengthen Gensol’s portfolio and contribute to India’s growing solar capacity.
Its strong financial performance, with consolidated revenue growth of 145% and EBITDA growth of 196% this fiscal, exemplifies the company’s unwavering commitment to excellence and innovation. As Gensol forges ahead, they are poised to achieve yet another milestone with the successful initiation of EV manufacturing production in Pune, Chakan.
Their strategic expansion into EV manufacturing and notable progress in the EV leasing business demonstrate their dedication to shaping the future of sustainable transportation.
Gensol Engineering Limited stands as a hallmark of unflinching faith and dedication in the renewable energy industry. With a track record of delivering top-notch EPC services, their expertise has significantly contributed to India’s solar capacity. Guided by a visionary leadership team and a deep understanding of the importance of personal development, Gensol continues to pave the way for a sustainable future. Their commitment to excellence and sustainability positions them as a frontrunner in the industry, driving positive change and inspiring others to embrace renewable energy solutions.
Gensol’s achievements speak volumes about their vision and capabilities, and as the renowned quote says,
‘The best way to predict the future is to create it,’ Gensol is truly leading the way toward a greener and more sustainable tomorrow.
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