Key Points of Gensol Engineering Buys Scorpius Trackers in Solar Tracker Deal:
- Gensol Engineering, an EPC company in Ahmedabad, has acquired Scorpius Trackers, a provider of single-axis solar tracker solutions.
- The acquisition is valued at ₹135 crore and will expand Gensol’s portfolio across new geographies.
- Gensol will now offer an end-to-end EPC solution that includes solar tracking technology to reduce the levelised cost of energy.
- Scorpius Trackers will operate as a wholly-owned subsidiary of Gensol Engineering.
- Scorpius Trackers has over 30 years of experience in various fields, including image processing and metallurgy, and has developed its own patented tracker controller, software, and structure designs.
- Scorpius is the only bankable tracker supplier from India with a track record of 600 MW capacity in operation across multiple countries.
- According to Wood Mackenzie, the global tracker market is expected to be a $71 billion cumulative opportunity from 2020 to 2030.
- The acquisition will allow Gensol Engineering to offer a comprehensive EPC package with Scorpius’s expertise in solar trackers and create leading positions in major solar markets in and outside India.
Details of Gensol Engineering Buys Scorpius Trackers in Solar Tracker Deal:
Gensol Engineering Acquires Scorpius Trackers to Strengthen Its Position in Renewable Energy Solutions
Gensol Engineering Ltd, a solar engineering, procurement and construction (EPC) company based in Ahmedabad, has announced the acquisition of Scorpius Trackers, a top provider of single-axis solar tracker solutions. The deal, worth ₹135 crore, is expected to boost Gensol’s position in the renewable energy solutions market and expand its portfolio across new geographies.
By acquiring Scorpius Trackers, Gensol will be able to offer an end-to-end EPC solution that includes innovative solar tracking technology, allowing customers to reduce their levelised cost of energy. Scorpius Trackers will operate as a wholly-owned subsidiary of Gensol Engineering.
Scorpius Trackers has over 30 years of experience in delivering commercially successful products in various fields, including image processing, machine vision, metallurgy, and software platform development. The company has also developed its own patented tracker controller, software, and innovative structure designs to cater to the dynamic needs of independent power producers (IPPs) and EPCs.
With signed letter of intents for 800 MW on 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. The combined revenue of Gensol’s Solar division is estimated to reach ₹2,300 crore in FY24 due to strong synergies between the two businesses.
Anmol Singh Jaggi, MD of Gensol Engineering, said, “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.” 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.
Shailesh Vaidya, CEO of Scorpius Trackers, commented, “Together, we will be able to create leading positions in major markets for solar in India and outside.” The acquisition is a significant step forward for Gensol Engineering in offering a comprehensive EPC package with the help of Scorpius’s strong reputation and expertise in solar trackers.
About Gensol Engineering:
Gensol is a dynamic group of enthusiastic engineers who have successfully completed over 33,693 MW of projects. They offer end-to-end solar solutions, including conceptualization, execution, and operation, for solar projects both domestically and internationally.
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