Gensol Engineering Limited: Leading the Charge for Renewable Energy Solutions
Committing to Excellence and Sustainability with No Hesitation
In the ever-changing landscape of renewable energy, Gensol Engineering Limited has set itself apart from competition by refusing to take its eye off the ball when it comes to its faith in renewable resources.
Gensol, is the world’s leading solar solutions provider; and since it was founded in 2012 has continued to revolutionise and disrupt not only renewable energy but also electric mobility sector as well. With an experienced management team and a highly skilled engineering team, Gensol offers integrated engineering procurement and commissioning services across the solar value chain in India.
The company has been recognised by numerous awards along its path for its exemplary track record; that continues to deliver high quality solutions at all times.
Here in CEO Review Magazine we will be delving into Gensol’s background as well as shedding light on some of the initiatives they have taken, that has propelled them to become one of India’s most successful EPCs.
Background and Services:
Gensol Engineering Limited, which was founded in 2012, is a member of Gensol group companies. The company specializes in providing engineering, procurement, construction (EPC), services for development of Solar Power Plants. With more than 180 engineers onboard dedicatedly working towards delivering turnkey projects worldwide; Gensol has installed both ground-mounted & rooftop Solar Power Plants aggregating capacity exceeding 550 MWs over the years. In addition to solar operations company has also established state-of-the-art Electric Vehicle (EV) manufacturing facility at Pune, India; where Gensol produces Electric three-wheelers & four-wheelers targeting various customer segments including passenger vehicles fleet vehicles & cargo vehicles catering requirements basis applications ranging from last-mile connectivity to long haul logistics freight movement. As a group organization with young thinkers & leaders driven by passion for sustainability & customer satisfaction, Gensol has a clear aim of revolutionizing the EV industry in India, and is already serving leading ride-hailing giants by offering buy-and-lease package 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 – Gensol Engineering Limited.
India’s Solar Expansion Ambitions & Gensol’s Roadmap:
As Indian solar installations cross 67 GWs and country sets out on its ambitious plans for energy transition; Gensol sees huge opportunities ahead in coming years when country will require at least 190 GWs Solar installations with investments worth approx $500 bn. Company aims to seize these expansion opportunities through strong revenue growth from its solar business during next fiscal year onwards; apart from EV manufacturing facility that has potential to generate substantial income hence aligning with the broader renewable goals of India thereby strengthening position of Gensol into this industry.
Key Officials and Leadership:
At the head of Gensol Engineering Limited is a team of distinguished individuals who, through their invaluable expertise and vision, have been monumental in the company’s accomplishments. The key officials are:
Mr. Anmol Singh Jaggi – Chairman & Managing Director
Mr. Puneet Singh Jaggi – Whole Time Director
Mr. Ali Imran Naqvi – Chief Executive Officer
Their collective leadership and strategic direction has guided Gensol to new heights.
The Power of Personal Growth:
One crucial factor that sets Gensol apart is its emphasis on personal development. Personal growth is the key to unlocking success in all aspects of life. In order for their team to give their best selves at work, Gensol believes they need to be at their best personally as well. They insist that the level of personal development will always directly correlate with one’s level of success achieved. By prioritizing personal growth and dedicating time to self-improvement, Gensol fosters a workforce that thrives in health, happiness, finances, relationships, career and spirituality. Business management controlled with care and compassion has helped create a workplace environment where employees feel understood and valued both personally and professionally.
Gensol cherishes its leaders becoming individuals who are a blend extreme personal humility but intense professional will while thinking beyond themselves and for the institution.
Acquisition & Diversification:
Gensol Engineering Ltd has expanded its capabilities by acquiring Pune-based solar tracker specialist Scorpius Trackers which will offer end-to-end EPC solutions including cutting-edge solar tracking technology.
This strategic move helps improve competitive advantage whilst offering comprehensive technologically advanced solutions to clients.
The acquisition will further enable GEL’s ambition towards becoming one of India’s leading renewable energy solution providers across various locations/ countries by widening its services offerings within renewables space.
With this acquisition now Solar EPC turnkey provider shall have an ability to provide engineering procurement construction (EPC) solution incorporating advanced solar tracker technology. This will help customers to reduce and optimize their energy cost.
Scorpius has developed its own exclusive tracker controller, software and unique structure designs in line with the changing needs of IPPs and EPC companies in order to deliver quicker payback periods and higher ROI.
Scorpius has signed LOI for a total of 800 MW which will be completed on time. It is only Indian supplier who have proven track record of 600 MW capacity across various locations like India, Japan, Africa, Middle East etc.
The combined revenue from Gensol Solar Division is expected to achieve ₹2,300 Cr in FY24.
Electric Vehicles:
Gensol’s EV leasing vertical facilitates leasing solutions for the faster adoption of electric vehicles in India so as to make it more accessible for businesses & individuals.
Arguably, EV financing is the biggest obstacle that stands against the widespread adoption of EVs in India. The lack of accessible and affordable options, limited dedicated products, high-interest rates, and stringent requirements have caused potential buyers to think twice before making a purchase. That being said, the EV leasing solution is exactly what the market needs to solve this problem and make sustainable transportation more attainable.
Gensol has already leased over 4k EVs to leading players in three years and plans to lease 10k cars in FY24. Interestingly enough, the leasing business will be the front runner in offering solutions to customers of Gensol’s manufacturing business—so this move comes with a lot of synergy between manufacturing & leasing.
Financial Performance at a Glance:
The figures speak for themselves when it comes to Gensol’s financial results for FY 2023. The massive revenue growth of 145% demonstrates their ability to secure and successfully execute renewable energy projects. And with a net profit of INR 249 million, it’s safe to say that they know how to efficiently manage costs.
Strategic Expansion & Project Wins:
In FY23, Gensol Engineering Ltd. was chosen as the preferred EPC partner for several notable projects which further solidifies their position as reliable partners in solar energy development. They won a bid valued at INR 232.49 crore for developing floating solar projects with an aggregate capacity of 30 MWac; received Purchase Order for development of Solar Power Projects having total capacity exceeding 247 MWp which includes a significant order of ground mount projects having capacity exceeding180 MWp from Large Independent Power producer (IPP) located at Gujarat.
These wins bolster AGEL’s portfolio towards its pipeline target of achieving GW scale project portfolio by 2025.
Strong Financial Performance
With consolidated revenues growing by ~145% YoY basis, EBITDA grew by ~196% and PAT increased by ~ 247%, this fiscal has been one of the best for Gensol. This sort of consistent excellence is more evidence of their commitment to sustainability and innovation.
Another great milestone!
Gensol is all set to commence EV manufacturing production in Pune, Chakan and moving ahead with a vision to become significant player in EV Manufacturing.
