Ahmedabad-based solar engineering, procurement and construction (EPC) player, Gensol Engineering Ltd, on Wednesday announced acquisition of Scorpius Trackers, a leading providers of single-axis solar tracker solutions for a consideration of ₹135 crore.
The acquisition would strengthen Gensol Engineering’s position as a leading provider of end-to-end renewable energy solutions. The move is a part of the company’s strategy to expand its portfolio across new geographies.
Post the acquisition of Scorpius Trackers, Gensol will now be able to offer to its clients an end-to-end EPC solution that includes innovative solar tracking technology. This will enable its customers to reduce their levelised cost of energy.
Following the acquisition, Scorpius Trackers will operate as a wholly-owned subsidiary of Gensol Engineering, an official statement said here.
Scorpius team has over 30 years of experience in delivering commercially successful products in image processing, machine vision, metallurgy, optics, 6-axis motion control, Internet of Things, embedded system design and multifarious software platform development.
Patented tracker controller
In order to cater to the dynamic needs of the IPPs and EPCs, 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 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 statement said.
Due to the strong synergies between the two businesses, it is estimated that the combined revenue of Gensol’s Solar division will reach ₹2,300 crore in FY24.
“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 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.
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.”