Gensol Engineering Unlocks Value with INR 350 Crore Strategic Deal for Scorpius Trackers’ US Subsidiary – EQ
– Proceeds from the transaction to strengthen Gensol’s balance sheet and fuel expansion in India’s renewable energy market
New Delhi/Ahmedabad – Gensol Engineering Limited (BSE: 542851, NSE: GENSOL), a leading player in India’s renewable energy sector, has signed a non-binding Term Sheet for an INR 350 crore strategic transaction involving the sale of its US subsidiary, Scorpius Trackers Inc., to a major Renewable Energy Solutions provider in the US. The deal includes the transfer of exclusive and global Intellectual Property (IP) rights (except India) for Scorpius Trackers’ advanced solar tracking technology.
This transaction underscores Gensol’s strategy to monetize high-value assets, unlock capital from its subsidiaries, and reinvest in its core growth areas, strengthening the company’s financial position. The deal will be completed in two tranches, with full closure expected by March 2026, subject to due diligence, customary approvals, and closing conditions.
The proceeds from this transaction will be strategically redeployed to expand Scorpius Trackers’ operations in India, fuel solar EPC business growth, and support Gensol’s broader clean energy initiatives. This reinvestment aligns with the company’s long-term vision to enhance cash flow and strengthen the balance sheet, ensuring sustained value creation for shareholders.
Anmol Jaggi, Chairman &Managing Director, Gensol Engineering Limited. “This deal is a testament to the inherent value within Gensol’s subsidiaries and the strength of our innovation-driven approach. The monetization of Scorpius Trackers’ US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position. This marks a significant milestone in our journey to enhance shareholder value and accelerate our leadership in renewable energy.”
While the deal transfers global IP rights (excluding India) to the US entity, Scorpius Trackers Pvt. Ltd., India, remains a wholly owned subsidiary of Gensol Engineering, continuing to focus on the Indian market. Scorpius India will retain its IP for Indian projects, ensuring continued innovation and market leadership in one of the world’s fastest-growing solar markets.
Shailesh Vaidya, CEO, Scorpius Trackers, added, “This agreement positions Scorpius Trackers for rapid growth in the US market while allowing us to retain our market focus in India. The partnership will strengthen our technology presence globally and enable us to capitalize on the immense growth potential in India’s solar sector.”
Gensol Engineering’s strategic approach to subsidiary monetization reinforces its capital-efficient growth strategy, ensuring value realization from high-potential assets. With a diversified portfolio spanning solar EPC, tracker technology, electric mobility, and energy storage, Gensol remains committed to scaling operations, enhancing profitability, and driving long-term shareholder returns.
***
About Gensol Engineering Limited:
Established in 2012, Gensol Engineering Limited, is a leading player in the renewable energy sector specialising in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions. Gensol boasts an experienced and diverse team of over 650 professionals across Solar (Gensol Solar EPC (India & Middle East) and Scorpius Trackers), EV leasing (Let’s EV) and EV Manufacturing (Gensol EV). Gensol Solar EPC, amongst the top 10EPC players in India, and top 5 in terms of independent EPC players, have successfully executed diverse solar projects, encompassing rooftop, ground mount, and floating solar installations across almost all states of India. In Sep 2023,Gensol acquired Scorpius Trackers, an innovative and world class bankable single-axis solar tracking solution provider, to enhance its offerings in the renewable energy sector. Venturing beyond solar, Gensol has established a state-of-the-art electric vehicle (EV) manufacturing facility in Chakan, Pune (India), with a production capacity of 30,000 vehicles per annum. Meticulously designed and engineered to seamlessly integrate into urban fleet and cargo segments, with future plans for urban passenger usage, Gensol EV has received the Automotive Research Association of India (ARAI)certification for the vehicle. In pursuit of revolutionising India’s EV landscape, Gensol not only manufactures but also provides comprehensive EV leasing solutions, catering to a diverse clientele that includes PSUs, educational institutions, government entities, multinational corporations, ride-hailing services, employee transport companies, rental services, logistics, and last-mile delivery enterprises. Making a significant impact on the Indian energy market by providing innovative and sustainable solutions, Gensol is also contributing to the future of Battery Energy Storage Systems (BESS) in India by offering state-of-the-art energy storage solutions combined with advanced energy management systems, ensuring compliance with rigorous availability and efficiency standards.
