The shares of Gensol Engineering at one point reached a high of ₹854.90 on Monday, October 14, 2024, after rising as much as 3.41 percent. This happened after the company said it had bagged a contract for a 23 MWp rooftop solar project in Dubai worth ₹186 crore.
The company, in a filing to the stock exchange, says it is proud to announce the award of this prestigious contract by one of the leading UAE companies in the sustainable development and clean energy space. The said contract, according to Gensol, includes the design, construction, long-term operation, and maintenance of rooftop solar photovoltaic systems for the engineering facilities of a world-famous aviation company located in Dubai.
The turnkey project entails extensive design, procurement of materials, construction, testing, commissioning, and long-term operation and maintenance of rooftop solar PV systems. The installations are meant to provide a sustainable energy solution for the client, greatly contributing to Dubai’s ambitious sustainability goals and helping reduce the carbon footprint of a very important industrial installation in the region.
With an installed capacity of 23,178 kWp (23 MWp), this project showcases Gensol Engineering’s commitment to spreading the wings of sustainability across the Middle East and supporting the region’s movement towards cleaner sources of energy. Estimated at AED 81.6 million, or ₹186 crore, it will be a 20-month-long project.
Kapil K. Nirmal, CEO of Solar EPC (MENA) at Gensol Engineering Ltd, said: “We are more than delighted to collaborate with the UAE’s leading sustainable development and clean energy company on this landmark project. It marks our continued effort to bring innovative and efficient solar EPC solutions to this region. This project further strengthens our presence in the Middle East and aligns well with Dubai’s vision of becoming a global leader in clean energy by 2050.”
As of the latest available date, Gensol Engineering has a market capitalisation of ₹3,189.09 crores, hence it comes under the BSE SmallCap sector. Meanwhile, shares of Gensol Engineering traded up 1.86 percent at ₹842.05 at 11:30 AM compared with the BSE Sensex, which was up by 0.65 percent with 81,912.54 points.
