Gensol to move into making electric parts & own, manage renewable assets

ksenia kondratieva Mumbai | Updated on June 04, 2018

Gensol Group, an Ahmedabad-based solar consultancy, EPC and operation and maintenance (OEM) services company, is looking at diversifying operations into electric parts manufacturing and solar asset ownership, Jaggi, Co-founder, told BusinessLine.

“As Indian market growth has been almost flat, we have been lately focusing on global expansion as well as further business diversification,” Jaggi said.

Gensol is setting up manufacturing of high voltage and low voltage panel boards in Gujarat with a planned capacity of 200 tonnes per day. With its HT and LT panels, it will target corporate and industrial customers, including its existing clients. The company is also looking at becoming an outsourcing manufacturing platform for engineering giants such as ABB and Schneider Electric.

Gensol is also venturing into renewable assets ownership and management, Jaggi added. The company is currently in discussions with a Mumbai-based solar manufacturer for acquiring its solar assets. “By the end of FY19, we might have assets worth above ₹100 crore,” Jaggi added.

The expansion will be funded internally as well as through raising debt for which the company is considering approaching PSU banks and NBFCs. “Getting funding should not be an issue for us. Gensol does not have a previous credit history, however, as consultants in solar space we have been contracted by lenders for at least 5,000 MW of solar assets over the past several years,” Jaggi said.

The company has provided consulting services to solar projects with cumulative capacity of 10,000 MW. Its OEM portfolio now stands at 2,000 MW and EPC portfolio at 100 MW.

The company has been actively expanding into foreign markets, including West Asia and Africa. It currently operates in more than 12 geographic locations, besides India.

Published on June 04, 2018

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