Ahmedabad-based Gensol Group, which specialises in design and engineering, operation and maintenance (OEM) and advisory services for solar projects, is expanding operations beyond India to Africa, West Asia, South-East Asia and Eastern Europe as the domestic market will largely remain flat in the next couple of years.
Anmol Jaggi, the Group founder and director, told BusinessLine , “We are now working in Indonesia, Philippines, Oman, Gabon, Chad, Kenya, Niger, Sierra Leone and Odessa in Ukraine. So, apart from India we are now present in around 9 countries with 250-300 MW portfolio for design and engineering business,” Jaggi said. “India market is quite flat, so whatever growth we have to get, we will get it from the international market”.
“Auctions are not really happening as power demand is lacking,” Jaggi said adding that the government's push towards e-mobility could help the country increase power demand, which would give an additional boost to the power sector, including solar power.
Started a decade ago as an advisory specialising in registration and trading of carbon credits by Anmol Jaggi, then a fresh BTech graduate, Gensol Group now comprises several businesses, including technical and financial advisory, engineering and design, EPC and operation and maintenance (OEM) services for solar projects and an online solar products and services marketplace start-up Ezysolare.
Solar developers With project from some of the largest solar developers including Suzlon, Greenco, Adani Group and Mytrah Energy, Gensol has a combined project portfolio of over 6,600 MW of solar power. The company has also acted as a technical due diligence partner for Greenko-SunEdison deal last year.
“A couple of years ago we identified solar plants’ engineering and design and OEM services as our key priorities and the segments where we can get the next level of growth,” Jaggi said.
In 2015, Gensol entered into a joint veture with Spanish solar OEM provider Solarig to provide OEM services to solar projects in India and within two years’ time, the company has secured OEM contracts varying 3 to 10 years for 2100 MW of solar power.